Afternoon Market Update: Dow Climbs Triple Digits

US stocks rose, supported by financials, after Senate lawmakers passed the biggest financial overhaul since the 1930s. Although the euro zone worries are still around, stocks soared after three days of declines, capped by a late plunge yesterday. The euro grew strong against the US dollar, helping commodities rise after a week’s decline. Considering the Australian dollar’s rise against the Japanese yen, Tim Speiss, head of personal wealth advisers at Eisner LLP said, "We're going to see some stability come back into the markets under the view that yesterday's selloff might have been oversold." Steep gains were posted by financial heavyweights Morgan Stanley

, Goldman Sachs Group Inc

and E-Trade

today. By 12:29 pm, MS had climbed 5.15% to $26.96, GS had gained 4.89% to $142.68 and ETFC had soared 4.20% to $1.49. Todd Hagerman, US Bank Research analyst at Collins Stewart LLC, commented, "Any time you get a sense we're making progress and getting closer to the end of the legislative process that's encouraging. At least it provides a little more clarity. We may get a final bill as early as the summer recess. That's encouraging to get some closure and move forward." In its renewed efforts to cut costs, Wal-Mart

is urging its suppliers to take deliveries directly to distribution centers and stores. The retailer giant is looking for opportunities to reduce transportation costs. The planned move, if successful, would help the company's 6,500 trucks and 55,000 trailers move more efficiently. By 12:38 pm, WMT had slipped 0.37% to $51.11. Read more