Closing Bell: 09:04:07

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Closing Bell brought to you by the Financial Times
Major U.S. indexes finished higher - with the Dow up 0.7%, Nasdaq up 1.3% and the S&P 500 up 1.1%. The bulls are giddy that the S&P has one of its lowest valuations in a decade at an average of 14 times forward earnings after the summer sell-off.
The Nasdaq capped off its best 4-day gain since October 2003, spurred by Apple and Yahoo.
U.S. auto-makers rose on news of Toyota's August sales slide in the face of GM's August sales surge. Ford was still up over 2% despite a significant August sales tumble, blamed on a lack of demand for light trucks, cars and all things produced by Ford.
Most financial stocks were up on news that Deutsche Bank (up 4%) would not explode from subprime losses even after they get marked to market, and the bank hasn't had problems with funding availability.
More white after Labor Day from FT Alphaville

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