Wall Street rallies to best day of 2008
( dpa ) - US stocks Wednesday erased an early plunge and roared back to post Wall Street's best day of 2008, buoyed by hopes that lowered US interest rates will strengthen banks.
In a stunning afternoon of heavy trading, the blue-chip Dow Jones Industrial Average gained some 600 points from its intra-day low to finish with a gain of nearly 300 points.
Personal computer maker Apple Inc spooked investors early in the trading day with first-quarter sales and profit forecasts that fell short of analysts' estimates.
But speculation that US bond insurers hit by fallout from the subprime mortgage crisis will win a bailout stoked the market. Investors also warmed to Tuesday's emergency cut in US interest rates by the US Federal Reserve.