Dow Jones Industrial Average Climbs 132 Points: Financials Perform Well

Rule 48 was invoked by the New York Stock Exchange and NYSE Amex Cash Markets on Tuesday, reports Reuters.

The Dow Jones Industrial Average jumped 132.67 points, or 1.24 percent, to 10,944.41, as of 1:42 p.m. EDT today, leading a Wall Street comeback.

The markets rallied more than 2 percent, as traders capitalized on beaten down stock prices.

They were also anticipating the Federal Reserve's monetary policy statement later today, Fox News reports.

The S&P 500 climbed 20.87 points, or 1.86%, to 1,140.33. The Nasdaq Composite jumped 61.35 points, or 2.6%, to 2,418.97.

The FOX 50 had a jump of 13.16 points, or 1.62%, to 827.34.

The financial sector, which took the biggest battering in the prior session, was among the biggest gainers on Tuesday.

Most notably, large banks like Bank of America, which had a gain of 6.44 percent, Citigroup, climbed 29.85 points, or an increase of 6.80 percent.

Similarly, JPMorgan Chase experienced a respectable jump of 2.85 percent, reports Fox News.

The energy, materials and industrial sectors all posted better than 2 percent gains in morning trading as well.

Big-name technology companies performed well, with Apple at 365.99 points after a 3.62 percent increase and Google’s 2.74 percent gain giving it 561.00 points.

Ebay was at 28.89 points following an increase of 7.20 percent, sending the technology-heavy Nasdaq edging close to 3 percent.

Despite these tentative, encouraging signs, Wall Street had a long way to go to reverse the massive selloff that took nearly $200 billion in market value off the 30 blue chips alone. On Monday, the markets were in free fall, with every component in the benchmark S&P 500 index closing in the red, reports Fox News. Market volatility surged an unprecedented 50 percent as Wall Street reacted to Standard & Poor's downgrade of American debt. David Jones, chief market strategist at IG Index, a London-based trading firm, commented on the market goings-on in a note to clients. "Traders are shell-shocked by the recent drops and it remains difficult to see what can be done in the short-term to instill any confidence back into the market," he wrote, Fox News reports.  
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