Exxon Gives Markets a Boost

Hopes for Fed rate cut, O'Neal ouster buoy stocks
By Sam Gale Rosen,  Newser Staff
Posted Oct 29, 2007 3:47 PM CDT
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)
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(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.