Stocks recovering a fraction of yesterday's declines

NEW YORK (AP) Stock prices are bouncing back a bit on Wall Street, a day after a historic decline linked to the failure of the financial rescue package.

The Dow Jones industrial average is up 243 points at 10,609.

Gainers on the New York Stock Exchange hold a 2-to-1 lead over losers.

The Nasdaq Composite Index has gained 60 points at 2,043.

And the Standard-and Poor's 500 Stock Index is up 32 points at 1,139.

Trading on the New York Stock Exchange during the first two hours totaled 1.9 billion shares. Volume on the Nasdaq Market came to 751 million shares.

While the stock market is recovering today, there are still significant signs of stress in the financial system. A key rate that banks charge to lend to one another shot higher, a tightening of the availability of credit that could spread throughout the economy.

Political leaders are vowing to take another shot at the financial package, however the House isn't expected to convene again until Thursday. President Bush said this morning that damage to the economy will be "painful and lasting" unless Congress passes the bailout measure.

The Conference Board said that its gauge of consumer confidence Index rose to 59.8 from a revised 58.5 in August. While it was stronger than expected, the survey was taken through last Tuesday, before the most recent troubles.

(Copyright 2008 by The Associated Press. All Rights Reserved.) APNP 09-30-08 1047CDT | save this article / add to your favorites list