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Wall Street Rebounds Sharply after Big Drop
Stocks shoot higher as volatility continues.

In a session that showed more indecision than conviction, the stock market rebounded on Dec. 2 from the previous day's massive decline. The Dow Jones industrials rose 270 points after fluctuating sharply, and all the major indexes rose more than 3 percent.

Investors wary about the economy drew solace from Ford Motor Co. Chief Executive Alan Mulally, who said the automaker has enough cash to make it through 2009 and might not need government help. Rival General Motors Corp. said late in the day that it needs $12 billion in government loans to continue operating; the news briefly shook the market, but stocks rebounded before the close.

The market was also encouraged after General Electric Co. said it expects to pay a dividend despite projections that fourth-quarter results will near the low end of its previous guidance. That raised some hopes that U.S. companies may fare better during the recession than the market has feared.

Investors got an additional lift after the Federal Reserve said it will extend the life of key programs aimed at loosening the credit markets and restoring stability to the financial sector. That helped make financial stocks, the hardest hit sector since the credit crisis began, among the market's biggest gainers. (AP)




 

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