Monday, May 18, 2009
Reassuring news about housing and banking has convinced investors to return to the stock market.
The Dow Jones industrial average is ending up about 235 points on Monday, making up more than half of last week's losses. It is the biggest point gain for the Dow in over a month. All the major indexes rose about 3%.
A better-than-expected profit report from Lowe's Cos., an uptick in homebuilder sentiment and positive comments from analysts about U.S. banks revived investors' confidence in an economic rebound.
According to preliminary calculations, the Dow is ending up 235.44, or 2.9%, to 8,504.08. The S&P 500 index is up 26.83, or 3%, to 909.71. The Nasdaq composite index is up 52.22, or 3.1%, to 1,732.36.