Equities, led by banking shares, rallied sharply yesterday as investors digested details of the US Treasury's plan for removing impaired assets from the financial system.
After opening higher, US stocks extended that rally. By midday, the S&P 500 was up 4.6 per cent and set to close above 800 for the first time since mid-February.
“The market is cautiously optimistic about the Treasury plan,” said Michael Kastner, portfolio manager at Sterling Stamos. “It's encouraging to see that the opening rally in stocks has not faltered, but continued during the session.”
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