Stocks closed up on Wall Street Wednesday with the Dow Jones industrial average notched its ninth gain in a row, giving the index its longest winning streak in more than sixteen years. Demand for stocks has been propelled this year by optimism that the housing market is recovering and that companies have started to hire.
After plunging at the opening Tuesday, the Dow Industrial Average regains some ground. But uncertainty over the Japan nuclear crisis could weigh on the economy, and markets, for some time.
Investors are wary of insurance guarantees for some bonds issued by cities to fund capital projects.
Its rate cut of 3/4 of a point is the largest in at least 20 years.