Wall Street surged yesterday as investors digested declining rate on
credit market and testimony from the Federal Reserve Chairman Ben Bernanke.
The credit markets continued showing signs of easing as the London interbank
offered rate, or Libor, for three-month loans in US dollars declined 36 basis
points to 4.06 percent, the biggest drop in nine months.
Federal Reserve Chairman Ben Bernanke said he endorsed a second stimulus
package to jump-start the economy.
The New York-based Conference Board said its monthly forecast of future
economic activity rose 0.3 percent, a much better reading than the 0.2 percent
drop expected by economists.
The Dow Jones Industrial Average rose 413.21, or 4.67 percent, to 9,265.43.
The Standard & Poor's 500 index jumped 44.85, or 4.77 percent, to 985.40.
The Nasdaq composite index rose 58.74, or 3.43 percent, to 1,770.03.
