New York - Major US stock indices rose Thursday amid growing confidence that embattled Bank of America Corp will get another batch of government help and that Citigroup Inc will avoid nationalization amid the ongoing crisis in the financial industry.
"The government is being very obliging in ensuring that these institutions survive," Bruce McCain, chief investment strategist at Key Private Bank, told the Bloomberg financial news agency. "They're doing what needs to be done. There is a sense that there's help coming, and that may reassure the market that down the line things will get better."
The blue-chip Dow Jones Industrial Average gained 12.35 points, or 0.15 per cent, to 8,212.49. The broader Standard & Poor's 500 Index added 1.12 points, or 0.13 per cent, to 843.74. The technology-heavy Nasdaq Composite Index leapt 22.2 points, or 1.49 per cent, to 1,511.84.
The US currency was stronger against the euro, closing at 76.087 euro cents from 75.775 euro cents on Wednesday. The dollar gained ground against the Japanese currency, closing at 89.811 yen from 89.314 yen on Wednesday. (dpa)
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