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July 9, 2008 4:21:34 AM CDT

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Exxon Gives Markets a Boost

Posted Oct 29, 07 3:47 PM CDT in Business    Most Covered

(Newser) – Stocks rose again today as Exxon Mobil rode record crude prices to its greatest gains in 3 weeks, Bloomberg reports. The Dow was up 63.56 to 13,870.26, the Nasdaq 13.25 to 2,817.44, and the S&P 500 5.70 to 1,540.98. Continuing hopes of a Fed rate cut and news of Merrill Lynch's ouster of Stan O'Neal also drove the rally, the Journal reports.

Verizon reached a 5-year high on unexpectedly positive earnings news. The S&P 500 is riding a wave of estimate-beating quarterly reports, and the index's energy components are up 30% this year. "As long as oil is going to be an important part of our global energy needs, these companies are going to be very important,'' says one strategist.

Sources Bloomberg, Wall Street Journal, CNN, Financial Times (UK)

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Stanley O'Neal, Chairman and CEO of Merrill Lynch & Co., is seen in New York in this Nov. 1, 2006 file photo. (AP Photo/Louis Lanzano, file)   (Associated Press)
Exxon Mobil Chairman & CEO Rex Tillerson, center, is applauded by New York Stock Exchange CEO John Thain, left, and Henry Hubble, Exxon Mobil vice president of investor relations, as he rings the NYSE...   (Associated Press)
A bus driver who declined to provide his name returns the nozzle to the pump after filling up with $98.31 worth of gas at an Exxon service station selling regular unleaded for $3.59 in the northwest section...   (Associated Press)
A trading board at the New York Stock Exchange.   (Getty Images)
A trading board at the New York Stock Exchange.   (Getty Images)
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stock market  • oil price  • Merrill Lynch  • ExxonMobil  • Stanley O'Neal


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