The US economy is showing “glimmers of hope” despite continuing stresses, President Barack Obama said today as he signalled more steps to improve the business climate.

A stunning about-face in bank shares handed the stock market its best week since November.

Stocks made a stunning comeback today, as investors snapped up some of the financial sector’s stronger players and pumped money into the materials and transportation sectors. The Dow Jones industrial average rose more than 160 points.

US stocks made a stunning comeback today, as investors snapped up some of the financial sector’s stronger players and pumped money into the materials and transportation sectors. The Dow Jones industrial average rose more than 160 points.

Wall Street soared higher today, extending its rally into a second session as tumbling energy prices bolstered an already upbeat mood which followed stronger-than-expected quarterly reports from big names like JPMorgan Chase and United Technologies.

William Clay Ford Jr has replaced Jacques Nasser as chief executive officer of the Ford Motor Company.

William Clay Ford Jr will replace Jacques Nasser as chief executive officer of the Ford Motor Company, it was reported.