Financials Stage a Comeback As Dow Banks 58.70 Points
A bounce for beaten-down financial stocks pushed the broader market higher, although glum economic news kept the rally in check.</br></br>The Dow Jones Industrial Average rose for a second consecutive day, up 58.70 points, or 0.7%, to 8174.73. Bank of America added 8.3% and Citigroup rose 6.6%. American Express led the gains, up 9% after reporting a 79% drop in fourth-quarter profit Monday. But it was profitable, unlike some financial firms.</br></br>The Standard & Poor's 500-stock index rose 1.1% to 845.71, led by a 3.9% rise in its financial sector.</br></br>The S&P/Case-Shiller home-price indexes worsened in November, with many regions in the U.S. experiencing record monthly drops. The Conference Board said its consumer-confidence index fell to a historic low in January.</br></br>Oil futures fell 9.1% as the weak readings cast a pall over the demand outlook. Traders also placed bets ahead of inventory data due Wednesday, which they expect to show rising U.S. stockpiles of crude and gasoline.