NEW YORK – Wall Street is snapping back from last week's devastating losses on growing hopes the stock market will finally find some footing. Investors are cautiously optimistic after the Bush administration and European governments pledged coordinated actions to help the crippled financial system. The Treasury has said it plans to buy U.S. bank stocks.
A rebound was to expected at some point after the Dow Jones industrials lost nearly 2,400 points over eight sessions. But the rally, which saw the Dow shoot up more than 400 points in the first minutes of trading, doesn't mean that the market is now finished with the intense volatility of recent weeks.
The Dow Jones industrial average is up 424 at the 8,875 level.