Dow Surges 203.52, Hits High for 2009
Financial stocks led a broad rally, and the Dow Jones Industrial Average hit a high for the year as investors became more confident in the flow of easy money.</br></br>The Dow climbed for a fourth consecutive day, up 203.52 points, or 2%, to 10226.94, its highest finish since Oct. 3, 2008. The blue chips have risen 4.7% since the Federal Reserve's policy statement last Wednesday indicated that the central bank wouldn't raise interest rates any time soon.</br></br>J. Stephen Lauck, chief executive and portfolio manager at Ashfield Capital Partners, said investors don't want to miss out on more of the rally that has driven the Dow up 56% since its bear-market low in March.</br></br>"You don't want to be left out of a market where you're seeing the prospects for substantially higher earnings, low interest rates and ample liquidity," he said. "You don't want to be left out of that because stocks are likely to head higher in that environment."</br></br>American Express led the Dow's gains in percentage terms, up 4.9%, followed by Bank of America, which rose 4.8%. Financials benefited from expectations that low interest rates will boost banks' profits in the months ahead.