Banks, Dollar's Climb Lift Stocks
By Peter A. McKay
Word Count: 584 Companies Featured in This Article: Bank of America, Citigroup, J.P. Morgan Chase, Wachovia, Washington Mutual, Fannie Mae, Freddie Mac, Research In Motion
A rebound in financial shares and a bounce in the dollar nudged stocks higher Thursday, leaving the market well-positioned to snap an ugly losing streak.
The Dow Jones Industrial Average, which tumbled nearly 250 points in the last two sessions, was recently up about 86 points, or 0.7%, at 11618.78, boosted by gains in its financial components. Bank of America jumped nearly 4% in recent trading; Citigroup and J.P. Morgan Chase gained more than 1% each.
Financial stocks had been under renewed pressure in recent days after a series of settlements of disputes on auction-rate securities and concern that increasing
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