The rejuvenated U.S. stock market continued its surge this morning, as the Dow Jones Industrial Average shot up more than 276 points to rise above the 8,000 mark for the first time since Feb. 10.
The market rally came as federal accounting regulators approved a rule change that may boost bank profits and world leaders at the G-20 Summit neared agreement on mutual measures The stocks of Citigroup Inc., Bank of America Corp. and Wells Fargo & Co. gained at least 7 percent as the Financial Accounting Standards Board voted to relax so-called "fair-value rules."
The G-20 ministers plan to give the International Monetary Fund $500 billion and create stricter rules for hedge funds.
Meanwhile, the U.S. Commerce Department revealed a large increase in February factory orders, following Wednesday's better-than-expected readings on pending home sales, manufacturing activity and auto sales.
Since a nearly 12-year low on March 9, the Dow is up about 19 percent.
"The market mindset is: OK, we're not in a tailspin," Jack Ablin, chief investment officer at Harris Private Bank, told The Associated Press.
Dow soars past 8,000 mark
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