The bulls are back on Wall Street. After a bearish August, stocks roared into September with a major rally Wednesday, as investors cheered signs of strength in the manufacturing sector.
The Dow Jones industrial average (INDU) gained 256 points, or 2.2%.The S&P 500 (SPX) soared 31 points, or 2.9%. The Nasdaq (COMP) composite rallied 63 points, or 3%.
(YWN Desk – NYC)
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The more significant news was that Harrisburg (the capital city of Pennsylvania) is defaulting on its municipal debt, and may trigger a wave of similar defaults in other cities.
And that over a tenth of the banks are still on the FDIC list of banks that are in critical condition (and if you looked closely, the FDIC did very well in a poll of government employees since they feel very useful since they have so much work to do – be wary been bank executioners feel their skills are being put to use)