Oil drop spurs stock rally as Dow climbs
Wall Street closed sharply higher after a $3 crude price drop, lifting the Dow 135.16 points to 11,602.50. Banks and techs posted mixed results with American Express and Wachovia disappointing, while Citigroup JPMorgan and Wells Fargo helped sentiment. The S&P 500 rose 17.00 to 1,277.00 and Nasdaq gained 24.43 to 2,303.96 as investors bet cheaper energy may bolster earnings.
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New York Wall Street
American Express Co
Wachovia Corp
America
Apple Inc
Texas Instruments Inc
Wachovia
Citigroup Inc
Jpmorgan Chase & Co
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New York
Dow
Market indexes rise on steady gains across sectors
The Dow climbs 135.16 to 11,602.50 while the S&P 500 gains 17.00 to 1,277.00 and the Nasdaq advances 24.43 to 2,303.96 and the Russell 2000 adds 19.19 to 716.82 as trading ends.
MENTIONED IN THIS ARTICLE
Washington Mutual Inc
Etrade Financial Corp
Standard & Poor
Paulson pushes stability amid banks’ heavy losses
Treasury Secretary Henry Paulson urged calm and resilience as Wachovia posts an 8.86 billion quarterly loss and WaMu reports 3.33 billion in losses. Wachovia plans to cut 10 750 jobs and dividends while lawmakers weigh a costly Fannie Mae Freddie Mac rescue. Paulson warned the economy remains stressed but could rebound, calling for rapid congressional action to back the mortgage giants as bank examiners inspect their books.
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New York Public Library
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FDIC chief warns more banks at risk of failure
FDIC chair Sheila Bair, in San Francisco, warned that more banks may fail as turbulence persists next year. She noted 90 of 8,500 banks were troubled in Q1, with 13 percent failing on average, and said premiums may rise to restore the reserve fund after IndyMac losses.
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Federal Deposit Insurance Corp
IndyMac Bank
Sheila Bair
Bair
FDIC
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