Financials Kick Dow Up 279

Stocks rebound after dismal Inauguration Day
By Nick McMaster,  Newser Staff
Posted Jan 21, 2009 3:22 PM CST
Trader Eric Schumacher works on the floor of the New York Stock Exchange today.   (AP Photo)
camera-icon View 2 more images

(Newser) – A rebound in the financial sector today and qualified confidence in President Obama’s stimulus plan drove stocks to recover some of yesterday’s large losses, MarketWatch reports. The Dow gained 279.01 to close at 8,228.10. The Nasdaq added 66.21, closing at 1,507.07, and the S&P 500 rose 35.03 to 840.24.

IBM boosted the Dow with an 11% surge after reporting strong quarterly earnings. Citigroup and Bank of America—two of the hardest-hit stocks yesterday—gained 25% and 28%, respectively, and JP Morgan Chase rose 25%. General Motors was one of the losers, falling 4% on news Toyota had overtaken it in worldwide sales.