NEW YORK, Aug 6 (Reuters) - U.S. stocks rallied on Monday as investors snapped up beaten-down shares of financial companies after a sharp drop at the end of last week on mounting concerns about the stability of the credit markets.
The Dow erased Friday's losses, and had its biggest daily percentage advance since June 2003, while the Standard & Poor's 500 index turned in its best one-day performance since April 2003.
Stocks also got a boost from speculation the Federal Reserve may take steps to reassure investors that troubles in the subprime mortgage market won't slow economic growth.
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