Another rally on Wall Street erases losses for the week
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Stocks rose broadly for a second day in a row on Wall Street Thursday, reversing the market's losses for the week just three days after the S&P 500 had its biggest skid since May. The S&P 500 added 1.2% and the Dow Jones Industrial Average rose 1.5%. Investors were pleased
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to have gotten some clarity from the Federal Reserve a day earlier that it was not on the verge of raising interest rates, and there was also reassuring news out of China, where Evergrande, one of the country's biggest private real estate developers, appeared to avoid what could have been a messy default.

The rally extends the gains from a day before, when the Federal Reserve signaled it may begin easing its extraordinary support measures for the economy later this year.

Nearly every stock in the S&P 500 rose. It's now up 0.6% for the week and has recovered from a from a sharp sell-off on Monday. The turnaround is more pronounced within the Dow, which is now up 0.8% for the week after having been down 1.9% for the week as of Tuesday.

The change in investor sentiment has also put oil prices in the green. Benchmark U.S. crude oil is now up 1.4% for the week. Bond yields moved solidly higher. The yield on the 10-year Treasury rose to 1.39% from 1.32% late Wednesday.

Technology companies and banks led the way…
Associated Press
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