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September 30th, 2008
Posted: 04:52 PM ET
NEW YORK (CNNMoney.com) — Stocks rallied Tuesday afternoon as investors scooped up shares battered in the bloodletting that followed Congress’ failure to pass a $700 billion bank rescue plan. The Dow Jones industrial average added 485 points, about 4.7 percent, recovering some of the record 777 points lost the day before. It was the third-biggest one-day point advance for the indicator in its history. The Standard & Poor’s 500 index rose 5 percent and the Nasdaq composite gained about 5.3 percent. Stock gains accelerated late in the day after the FDIC chairwoman said she’ll seek to boost the limit on protected bank deposits. Such a move would give individuals more protection amid the financial crisis. The inclusion of such a provision in the $700 billion bailout plan might also mollify critics who think the plan is too focused on Wall Street, versus Main Street. |
 
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