Stocks rallied Tuesday afternoon as investors scooped up shares battered in the bloodletting that followed Congress' failure to pass a $700 billion bank rescue plan.
But credit markets remained frozen. Several closely watched measures of bank lending fear hit all-time highs, as firms continued to hoard funds.
The Dow Jones industrial average (INDU) added 485 points, according to early tallies, recovering some of the record 777 points lost the day before. If the gains hold, it would be the third-biggest one-day point advance for the indicator in its history.
The Standard & Poor's 500 (SPX) index rose 5% and the Nasdaq composite (COMP) gained about 5.3%.
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