Thursday's early afternoon trade: Wall Street jumps on bank rescue hope

US stocks rose on Thursday on investor hopes that the Obama administration's plan to shore up the financial system would include a measure that would help banks stem losses and revive lending. An advance in financial shares underpinned a broad market recovery, reversing earlier losses that had driven the Dow to its lowest level since the bear market low of November 21.
J.P. Morgan gained more than 2 percent, while the S&P financial index rose 2.9 percent. Expectations that the loosening up of lending would boost consumer and business spending also propelled technology shares. Apple was the top boost on the Nasdaq, rising 3 percent.
On the Dow, Wal-Mart Stores was the top boost, jumping 4 after the discounter posted solid January sales. The Dow Jones industrial average added 101.71 points, or 1.28 percent, to 8,058.37. The Standard & Poor's 500 Index rose 13.62 points, or 1.64 percent, to 845.85. The Nasdaq Composite Index gained 26.90 points, or 1.78 percent, to 1,541.95.