US stocks held on to modest gains on Wednesday in a choppy session as equity markets closed up for their second consecutive session for the first time in a month.
Banks had surged during early trade on the back of comments from Tim Geithner, the Treasury secretary, that he would “do what is necessary” to stem the recession. He also said the government would use the promise of federal loans to entice investors to buy distressed assets from banks, while offering sellers capital injections.
