Wall Street rebounds after steep drop, banks lead

A Specialist trader gives out a price on the floor of the New York Stock ExchangeNEW YORK (Reuters) – Stocks rose on Friday, led by gains in bank shares, as the S&P 500 index bounced back from its second-worst decline of the year. The benchmark index slid 2.2 percent on Thursday, its biggest drop since June 1, on signs of a global slowdown in manufacturing growth. Bank shares, among the worst hit on Thursday, rose after Moody's Investors Service announced credit downgrades, ranging from one to three notches, for 15 of the world's largest banks. The downgrades reflected the banks' risk of losses from volatile capital market activities. …



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