Banking Rally Boosts US Markets

US stock markets have rebounded strongly after better-than-expected results from a leading bank and further sharp falls in the price of oil. The Dow Jones index closed up 2.5% after its strongest daily performance in three months, driven by demand for leading bank stocks. Citigroup, Bank of America and JP Morgan all rose sharply after Wells Fargo boosted its shareholder dividend. Oil, meanwhile, fell more than $4 to close below $135 a barrel. Significant change' The price of oil has now fallen more than $10 in the last two days - closing at $134.60 on Wednesday - on expectations that a slowing US economy will curb global demand for crude and ease pressure on companies highly dependent on oil.