Wall St. soars on banks

1/04/2008 - 19:52

NEW YORK (Reuters) - Stocks extended gains on Tuesday, lifting the benchmark S&P 500 and the Nasdaq up more than 3 percent, as Lehman Brothers Holdings Inc's move to bolster its balance sheet calmed worries about the financial sector's stability.

The Dow Jones industrial average <.DJI> shot up 362.24 points, or 2.95 percent, to 12,625.13. The Standard & Poor's 500 Index <.SPX> advanced 41.15 points, or 3.11 percent, to 1,363.85. The Nasdaq Composite Index <.IXIC> climbed 72.03 points, or 3.16 percent, to 2,351.13.

(Reporting by Ellis Mnyandu; Editing by Jan Paschal)

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