http://www.bizjournals.com/phoenix/stories/2008/09/29/daily28.html?t=printable
Tuesday, September 30, 2008 - 2:47 PM MST
Wall Street shows resilience, climbs nearly 500 points
Phoenix Business Journal - by Mike Sunnucks
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Wall Street rebounded Tuesday with the Dow Jones Industrial Average
gaining 485 points – a 4.7 percent gain.
The rebound came a day after a 778-point loss sparked by the U.S. House
vote to defeat a bank and mortgage bailout plan aimed at keeping banks
afloat and credit markets moving. That drop was one of the largest
losses of wealth in contemporary history and sent shockwaves through
foreign markets.
The Tuesday rebound came as investors bought sunken stocks and U.S.
Senate leaders and President Bush promised passage of a bailout this week.
Crude oil also was back above $100 per barrel with prices at $102 per
barrel Tuesday, according to Oil-Price.net. Oil sank Monday with fears
of a U.S. recession and frozen credit markets after the U.S. House vote.
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