Fed announcement gives stocks a reason to rise

Stocks bounced on the Federal Reserve's announcement that it would start buying long-term U.S. debt in an effort to stave off deflation by pushing more money into the economy. The Dow Jones Industrial Average jumped 91 points, or 1.2 percent, to 7,487, with bank stocks again in the lead.

Bank of America (BAC) and Citigroup (C) both gained more than 22 percent after B of A CEO Ken Lewis said his company would repay the bailout funds it has received from the Treasury.