Stocks Soar on Bank Hopes

By Kevin Spak,  Newser Staff
Posted Jan 28, 2009 8:52 AM CST
Specialist Scott Mazzella works at his post on the floor of the New York Stock Exchange Friday, Jan. 23, 2009.   (AP Photo/Richard Drew)
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(Newser) – Stocks skyrocketed at today's open, spurred by reports that the Obama administration would likely form a “bad bank” to buy up illiquid assets. The Dow jumped 110 points, and the S&P and Nasdaq gained 1.9% and 1.8% respectively. Banking stocks led the way, with Citigroup leaping 20% and Bank of America 18%. Wells Fargo threw more fuel on the bulls’ fire, maintaining its dividend despite a $2.55 billion quarterly loss.