Traders work on the floor of the New York Stock Exchange, Dec. 2, 2008. U.S. stocks extended gains on Tuesday, sending the Dow and S&P 500 up more than 2 percent as investors grew optimistic about a rescue for the U.S. auto industry. (Veduchina Photo)
Wall Street rebounded Tuesday from the worst tumble since October, as investors bought on dips after Monday's huge sell-off and as Ford reassured the market with its financial health.
Some bargain hunting is not a surprise Tuesday after the skid that sent the Dow Jones industrials down 679.95 points on Monday.
Ford Motor said it will seek nine billion U.S. dollars in government loans but may not need the money because it plans to return to a pretax profit or break even in 2001. As investor closely watched the future of automakers, Ford's assessment of its financial health helped the market bounce back strongly.
Traders work on the floor of the New York Stock Exchange, Dec. 2, 2008. U.S. stocks extended gains on Tuesday, sending the Dow and S&P 500 up more than 2 percent as investors grew optimistic about a rescue for the U.S. auto industry.(Veduchina Photo)
The U.S. three auto giants are scheduled to testify before the U.S. Congress Thursday and Friday, after they submit their business plan update Tuesday. General Motors, Ford and Chrysler are seeking 25 billion U.S. dollars financial support from the U.S. government.
Financial sector bounced despite a report in The Wall Street Journal said that Goldman Sachs Group Inc. could face losses of about 2 billion U.S. dollars in the fiscal fourth quarter.
The Dow Jones rose 270.00, or 3.31 percent, to 8,419.09. The Standard & Poor's 500 index rose 32.60, or 3.99 percent, to 848.81,while the Nasdaq composite index gained 51.73, or 3.70 percent, to1,449.80.
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