Dow's Biggest Gain Since June 2003

Stocks rallied back after last Friday's major selloff despite continuing credit concerns and uncertainty over tomorrow's Federal Reserve meeting. The Dow and S&P 500 added over 2% and the Nasdaq rose 1.4%.

Real estate investment trust, American Home Mortgage (AHM | Quote | Chart | News | PowerRating), announced that it filed for bankruptcy amid the sub-prime lending turmoil (full story). More than 50 lenders have filed for bankruptcy so far this year.

Crude oil futures for September delivery fell for the 4.5% to $72.06 a barrel on concerns that U.S. growth may slow lowering demand for energy.  Gold futures for December delivery fell 0.2% to $683.30 an ounce.

Around Europe, Germany's DAX index rose 0.1% to 7,444.45, France's CAC 40 index fell 1.2% to 5,532.99, and Britain's FTSE 100 index lost 0.6% to 6,189.10.

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Darren Wong
Associate Editor
darrenw@tradingmarkets.com

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