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U.S. Stocks Rally, Dow Jones Industrials Climb 889 Points
http://www.bloomberg.com/apps/ne ... mTvc&refer=home
By Lynn Thomasson and Eric Martin
Oct. 28 (Bloomberg) -- Stocks rallied and the Dow Jones Industrial Average posted its second-best point gain ever as the cheapest valuations in 23 years lured investors and increased commercial paper sales signaled credit markets are thawing.
Alcoa Inc. jumped 19 percent, leading the Dow to an almost 900-point advance, after the shares slid to their lowest price- to-earnings ratio on record. General Electric Co., the largest issuer of commercial paper, jumped 9.9 percent after sales of longer-term debt soared 10-fold yesterday as the Federal Reserve entered the market for corporate IOUs. Citigroup Inc. and Bank of America Corp. rose more than 12 percent as traders boosted bets the Fed will cut interest rates tomorrow.
The Standard & Poor's 500 Index gained 91.56 points, or 11 percent, to 940.48 after sliding to the lowest level since March 2003 yesterday. The Dow climbed 889.35 points, or 11 percent, to 9,065.12. Hong Kong's benchmark index added 14 percent, its best advance in 11 years, while Germany's climbed 11 percent and Brazil's jumped 13 percent.
``Anyone who has a long-term view and looks at earnings multiples and inflation will say it's a cheap moment to buy stocks,'' said Linda Duessel, equity market strategist at Pittsburgh-based Federated Investors Inc., which manages more than $333 billion.
The S&P 500 was valued at 10.7 times estimated profit when trading opened today, the cheapest compared with the multiple using trailing profit since 1985. The MSCI World Index traded near the cheapest relative to earnings since at least 1995.
The Dow's only larger point gain was on Oct. 13, when the 30-stock gauge jumped 936 points on the government's plan to buy stakes in banks.
$12 Trillion Lost
Equities around the world tumbled this month, wiping out more than $12 trillion of market value before today, after money markets froze, banks' credit losses climbed to almost $678 billion and economic growth weakened. The S&P 500, which dropped 3.2 percent yesterday, trimmed its monthly decline to 20 percent today.
The Fed will announce its decision on interest rates tomorrow. Futures trading suggests a 40 percent chance the central bank will cut the benchmark rate by three-quarters of a percentage point, to 0.75 percent. By contrast, only one of 64 economists foresees that outcome, according to a Bloomberg survey. The rest of the Fed funds futures bets point to a half- point cut.
To contact the reporters for this story: Lynn Thomasson in New York at lthomasson@bloomberg.net; Eric Martin in New York at emartin21@bloomberg.net.
Last Updated: October 28, 2008 16:11 EDT |
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