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July 25, 2008 4:42:26 PM CDT

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Afternoon Rally Fades, Revives

Posted Oct 22, 07 3:45 PM CDT in US,  Business 

(Newser) – The markets seesawed today as an afternoon rally faded then revived, led by the tech-heavy Nasdaq. Friday's bloodbath lingered into this morning, but a speech by Fed governor Randall Kroszner raised hopes for a rate cut, reports the Journal. The Dow closed up 44.95 at 13,566.97, the Nasdaq up 28.77 at 2,753.93, and the S&P up 5.70 at 1,506.33.

Bear Stearns led the financial sector's first advance in 9 days, Bloomberg reports. One analyst warns that the Nasdaq's climb will continue only as long as cheery reports keep coming from big companies like Apple, Google, and Amazon; Apple's better-than-expected third-quarter numbers, released after the markets closed, forestalled concerns for at least another day.

Sources: Wall Street Journal, Bloomberg, CNN

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A trader on the floor of the New York Stock Exchange talks on his cell phone near a phone post, Monday, Oct. 22, 2007, in New York. Wall Street turned mixed in volatile trading as investors pulled away...   (Associated Press)
Daniel Lomeli, left, of Lehman Bros. and Dennis Monaco of JSF Securities work from their seats on the floor of the New York Stock Exchange, Monday, Oct. 22, 2007, in New York. Wall Street turned mixed...   (Associated Press)
Randall Kroszner, member of the Federal Reserve Board of Governors. (AP Photo/Dennis Cook)   (Associated Press)
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