Huffpost Business

Stocks Surge On Merrill, RIM Reports

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Stocks jumped Friday following a better-than-expected rise in profits at Research in Motion Ltd. and on word that Merrill Lynch may have lined up a big cash infusion from a Singapore fund.

The Dow Jones industrial average gained more than 200 points and, along with the other major indexes, posted a gain of more than 1.5 percent.

The developments seemed to allay investor fears that economic growth would succumb to tightness in the credit markets. Adding to the measure of relief some investors felt, the Federal Reserve said after the opening bell that it would continue with its special biweekly auctions for banks as long as necessary to relieve strains in the short-term debt market.