As far as the stock market’s reaction, it had a lot to say today: Thanks to a late-afternoon rally, the Dow rose by 410 points, nearly making up the 449-point loss it endured yesterday. The S&P 500, meanwhile, increased by more than 4 percent.
Making huge individual climbs were shares of Wachovia—up 60 percent on news that it’s in takeover talks with Morgan Stanley, signaling that investors think the deal would be a good one for the North Carolina-based bank—and the ailing thrift Washington Mutual—up 49 percent on news that it had put itself up for auction, meaning investors believe a strong savior will step in soon.
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