Dow Up 270 on G20 Hopes

By Kevin Spak,  Newser Staff
Posted Apr 2, 2009 8:55 AM CDT
Dow Up 270 on G20 Hopes
Specialist Igor Lerner of Barclays Capital, center, works with traders on the floor of the New York Stock Exchange.   (AP Photo)

Stocks shot higher this morning, as the G20 conference and a European Central Bank interest rate cut spurred optimism. The Dow was recently up 271 points, while the S&P and Nasdaq have each climbed more than 3.5%. Financials got a boost, as investors bet on a relaxing of accounting rules, sending Bank of America up 9% and Citi up 8%. An unexpected jump in factory orders only helped fuel the rally.

“Investors are relieved,” one fund manager told Bloomberg. “Production is recovering, and that’s supporting the market.” (More stock market stories.)

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