Magic marts
The Dow Jones industrial average rallied 267.01 points, or 2.3 percent, to 11,808.79, finishing the week up 1.4 percent. The S&P 500 rose 22.86 points, or 1.9 percent, to 1,238.25. The Nasdaq Composite advanced 38.84 points, or 1.5 percent, to 2,637.46.
QE3 hint
Fed Vice Chairman Janet Yellen said a third round of large-scale securities purchases might become warranted to boost a US economy facing unemployment and financial turmoil.
Euro warning
Standard & Poor’s said it would likely downgrade the credit ratings of France, Spain, Italy, Ireland and Portugal if the euro zone slips into another recession.
Beaten down
The dollar dropped to a post-World War II low against the yen and fell versus most major currencies on speculation Europe is moving closer to resolving its debt crisis.
Better picture
Eastman Kodak rose 6.5 percent to $1.32 after Debtwire reported that the company is in talks with Cerberus Capital and Silverpoint for as much as $900 million in financing.