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By Rob Curran
Last update: 5:55 p.m. EDT March 10, 2009
(Adds details of individual stock moves.)
NEW YORK (MarketWatch) -- U.S. stocks Tuesday staged their biggest rally since November led by banks such as Citigroup and other stocks beaten down by the credit-crisis and recession such as General Electric.
The rebound came after a sustained month of selling, and the U.S. stock market has still not had two straight gaining sessions since Feb. 5 and 6. Still, indexes wiped out their losses for March in a single session.
Investors were encouraged on multiple fronts: assurances that the financial system was under improvement from U.S. Federal Reserve Board Chairman Ben Bernanke, word that Citigroup Inc. was profitable by one measure in the first two months of 2009 and hints at reinstatement of a short-selling restriction.
"This kind of broad-based move is encouraging, but the question becomes, will it be sustained? At this point, it certainly feels that way," said Gordon Charlop, managing director at Rosenblatt Securities.
The Dow Jones Industrial Average closed up 379.44 points, or 5.8%, at 6926.49, marking its biggest percentage gain since Nov. 21 and closing at its highest level since Feb. 27. Citigroup surged 40 cents, or 38%, to 1.45, though it's still down 98% from this time last year. An internal memo from Chief Executive Vikram Pandit said the bank's earnings before taxes and money set aside for problem loans could be as much as $8.3 billion for the first quarter.
Originally posted by marg6043
Don't feel burn up my friend, just take into consideration what is going on in this nation right now, this rally is not for the benefit of the American people.
We are just the piper puppet.
GDP down, unemployment at highest, productivity low, millions of foreclose, yes this rally has nothing to benefit main street America.