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Wall Street bounced back on Tuesday from its lowest levels in 11 years after the chairman of the Federal Reserve tamped down investor fears that the government would nationalize major banks.
“We are committed to ensuring the viability of all major financial institutions,” the Fed chairman, Ben S. Bernanke, told the Senate Banking Committee. His reassurance on nationalization followed earlier statements from the White House saying that the government supported a privately held banking system.
Originally posted by LeaderOfProgress
Like I said in another thread. This is a suckers rally. Don't put anything more into the market unless you want your arse handed to you by it.
US stocks rose on Tuesday, gaining more than 2 percent a day after hitting 12-year lows, after Federal Reserve Chairman Ben Bernanke signaled that nationalization of major banks was not at hand.