Rochester, NY 8/26/2009 3:20:06 PM
CIT Group Inc. CIT, Stock follows world market higher
CIT Group Inc. CIT
Stocks rises as investors are reassured by info that commercial lender CIT Group has a deal with key bondholders that will probably be of help avoid bankruptcy. Stocks follows world markets higher and extending big gains logged last week after reports in The New York Times and The Wall Street Journal said CIT's board approved a deal with major bondholders to receive $3 billion in emergency funding. Companies such as Boston Scientific and Texas Instruments hooked investors that are on the next wave of earnings reports.
Last week made 7% up string of good earnings news sent market indicators. The Dow Jones industrials are up 52 to 8,796. The Standard & Poor's 500 index is up 4 to 945, and the Nasdaq composite index is up 6 to 1,893.
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