Stocks soared yesterday, propelling the Dow Jones industrial average back to the 8,000 level for the first time in nearly six weeks as calm returned to Asian markets. Falling oil prices also eased worries about inflation. The Dow closed up 189.98 points, or 2.4 percent, at 8,013.11.
In the broader market, advancing issues led declines by nearly a 2-1 margin on heavy volume of 594 million shares on the New York Stock Exchange.
The stronger dollar also buoyed sentiment, as it jumped to a 5-1/2 year high against the Japanese yen as most traders returned from a long Thanksgiving holiday weekend.
Helping to shore up sentiment in the yen was Japanese Prime Minister Mr Ryutaro Hashimoto's assurance that he would do everything to ensure stability and that it was important to use public funds to protect depositors.
"The gains are really being led by a big euphoria rally for banks," Ms Christine Callies, chief investment strategist for Credit Suisse First Boston, said.
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