Stocks rallied yesterday, spurred by the banking sector as investors bought up beaten down shares amid positive news from Wachovia and also a drop in oil that sent crude futures to a six-week low.

Here's how things start out today:
The Dow starts at 11,602.
The Nasdaq starts at 2,303.

Washington Mutual late yesterday announced a second-quarter net loss of $3.33 billion as falling home prices left a record number of borrowers unable to make payments on their mortgages. The loss of 6.58 a share compares with earnings of 92 cents a share in the year ago quarter. The cost of uncollectible loans increased 58 percent to $2.2 billion.

Yahoo, also out with late results, said earnings fall 19 percent as revenue, excluding partner commissions, reached $1.35 billion. A day after the internet company announced it added activist investor Carl Icahn to its board, Yahoo said net income fell to $131.2 million from $160.6 million. Development costs rose 12 percent as Yahoo spent more on improving search-engine technology.

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