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Banks, data lift Wall Street


    NEW YORK (Reuters) - Stocks added to gains on Wednesday as investors turned to financial stocks following factory and home sales data that showed the economic slump could be moderating.

    The data offset earlier declines arising from a report showing job losses in the private sector accelerated in March, reviving worries of high unemployment, as well as fears that struggling automaker General Motors could be headed for bankruptcy.

    The Dow Jones industrial average rose 78.05 points, or 1.03 percent, to 7,686.97. The Standard & Poor's 500 Index gained 6.72 points, or 0.84 percent, to 804.59. The Nasdaq Composite Index was up 12.87 points, or 0.84 percent, at 1,541.46.

    (Reporting by Leah Schnurr; Editing by Jan Paschal)