| Stocks soar on Wall Street |
Stocks soared in New York to give Wall Street a solid one-week rebound from the devastating losses that followed the US terror attacks.
The Dow Jones industrials regained nearly half the 1,369 points they lost last week when trading resumed after the attacks.
The Dow closed up 165.79 at 8,847.21 to record its second-biggest weekly point gain.
The gains are thought to be due to Investors deciding to bet on bargain stocks.
"You had this huge loss last week on a lot of fear and concern, and prices became depressed," said Ralph Acampora, director of technical research at Prudential Securities.
"We call that an oversold market and at some point you get a relief rally and that's what this is - a nice, technical bounce."
The Dow, which rose in four of the past five sessions, is up 611.40 for the week, an advance second only to the 666.41 of the week ended March 17, 2000.
Broader measures also rose. The Nasdaq composite index is up 38.06 at 1,498.77, a gain of 75.57 for the week.
The Standard & Poor's 500 index rose 22.33 to the 1,040.94, finishing the week up 75.14 or 7.8%.
Analysts say the market is trying to right itself after the shock of the attacks. But they caution against any assumption that the market will not fall again.
Story filed: 22:37 Friday 28th September 2001
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