Stocks Soar More Than 2%, Finish at Session Highs
NEW YORK ( TheStreet) -- The major U.S. equity indices finished Wednesday's powerful 2%-plus rally on a high note as investors flooded into stocks on the hope that the Federal Reserve could soon signal its openness to another round of quantitative easing.
The major U.S. equity indices were also getting a lift from some short-covering following the deep declines seen since the start of May and a better than expected GDP report from Australia, according to Robert Pavlik, chief market strategist at Banyan Partners.
The Dow Jones Industrial Average gained 287 points, or 2.4%, to close at 12,415. The move puts the blue-chip index back in the black for the year (up 1.6%) after it went negative during last Friday's steep selloff following the weak May jobs report.
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