Friday, April 18, 2008

Wall Street Rallies Up Fourth Straight Day

Earnings Relief Rallies Stocks
By Peter A. McKay
Stocks leapt as investors hailed both Citigroup's horrid but not as bad as expected earnings report and surprisingly strong results at bellwethers in industries away from Wall Street.

The Dow Jones Industrial Average rose for a fourth straight day, finishing up 228.87 points, or 1.8%, at a three-month high 12849.36, down 3.1% on the year. The blue-chip indicator was boosted by a 4.5% jump in its component Citigroup after the banking giant announced early Friday that it swung to a $5.11 billion first-quarter loss as it booked more than $13 billion in write-downs amid surging credit costs.

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