Afternoon Rally Fades, Revives

Tech-heavy Nasdaq outperforms other indexes
By Sam Gale Rosen,  Newser Staff
Posted Oct 22, 2007 3:45 PM CDT
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)
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(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.