January 20th, 2012 
admin On Wednesday, stocks jumped to their highest since July as the IMF sought to help countries hit by the European debt crisis, while forecast-beating earnings from Goldman Sachs dispelled some worries over bank profits.
The stronger-than-expected earnings from Goldman Sachs Group Inc followed Tuesday’s disappointing results from Citigroup and JPMorgan Chase & Co last week.
Willingness of the IMF to bolster its crisis-fighting resources gave the financials sector a big push.
“Any time liquidity is added to the financial system, it gives financials a little bit of breathing room, and it will result in higher prices for the banks,” said Kevin Caron, market strategist at Stifel, Nicolaus & Co, in Florham Park, New Jersey.
The Dow Jones industrial average rose 96.88 points, or 0.78 percent, to close at 12,578.95. The Standard & Poor’s 500 Index added 14.37 points, or 1.11 percent, to 1,308.04. The Nasdaq Composite Index climbed 41.63 points, or 1.53 percent, to close at 2,769.71.
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