The drama continues in the stock–and credit–markets, as stocks rallied again on October 20, with the Dow industrials up 411.46 points, or 4.65%, to close at 9,265.43. The S&P 500 was up 44.85 points, or 4.8%, to close at 985.40. Meanwhile, Libor, the rate set in London at which banks led to each other, continued to fall, a further signal that the credit squeeze may be loosening. Libor for three-month dollar loans fell to 4.05875%, from 4.41875 on October 17. However, the Federal funds rate is still much lower than Libor; the overnight Fed funds rate fell to 1.5125% on Monday from 1.668725% on Friday.