US Stocks Climb On Bank Gains; DJIA Up 112 Points

Date: Mon, 16 Mar 2009 12:01:11 -0400

US Stocks Climb On Bank Gains; DJIA Up 112 Points

Bank stocks stayed at the forefront of the broader U.S. stock market's
climb onMonday following upbeat comments from Barclays and weekend
talk of further official action to bolster the global financial
system. At 11:40 a.m. EDT, the
Dow Jones Industrial Average, which leapt nearly 600 points last week,
was up. about 112 points at 7336. The S&P 500 rose 1.8%, boosted by a
5.4% gain in its financial sector. Utilities and industrial shares
also climbed. Barclays' U.S. shares were up 17% after the British
giant said its businesses are continuing to perform strongly. The
remarks echoed recent comments from the company's U.S.

FED'S BERNANKE SEES RECESSION ENDING 'THIS YEAR'

The chairman of the Federal Reserve says in a rare TV interview the
U.S. recession will come to an end "probably this year," but he also
warned that the nation's 8.1% unemployment rate will continue to rise.

ECONOMIC REPORT: INDUSTRIAL PRODUCTION FALLS FOR FOURTH STRAIGHT MONTH IN
FEBRUARY

The decline in output at U.S. factories, mines and utilities continued
at a strong pace in February, the Federal Reserve reports.