Stocks Stage Comeback, Reverse Correction
STEVE INSKEEP, host:
NPR's business news starts with a stock market turnaround.
The stock market gained yesterday, pulling all three major indexes out of what is called correction territory. That's the term for what happened officially by Monday on the stock market when stocks fell more than 10 percent below their recent peak, and so now we've gone some little way toward correcting the correction.
Yesterday's rally came on the news that Citigroup would receive a multibillion dollar cash boost from Abu Dhabi, of all places, but the bounce on Wall Street was not enough to wipe out the concerns about the credit crisis because Asian stocks closed down today.