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October 6, 2008 9:47:14 AM CDT

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Stocks Edge Up on Mixed Day

Posted Nov 2, 07 3:34 PM CDT in Business 

(Newser) – The major indexes saw small gains today despite turmoil in the financial sector and skepticism about a positive jobs report.  The Dow climbed 27.23 points to 13,595.10, the Nasdaq added 15.55 to close at 2,810.38, and the S&P 500 gained 1.21 to 1,509.65. Merrill Lynch nosedived 10% on the Journal’s report of hedge fund dealings meant to postpone revealing the extent of losses in mortgage-related securities.

Other banks—including Morgan Stanley, which tumbled 8.4%—also suffered major losses on concerns about the fourth quarter. Skeptics doubted the validity of the better-than-expected October jobs report, with many expecting later revisions—and anticipating layoffs. Others weren’t worried about the bad vibes; said one manager, “Wall Street has a pessimism complex.”

Sources Wall Street Journal, Wall Street Journal

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A Merrill Lynch office is seen in New York, Wednesday, Oct. 24, 2007. Wall Street recovered from deep losses Wednesday on the possibility of a rate cut, but still traded lower, cautious about Merrill...   (Associated Press)
Trader Andrew Walsh looks at his handheld device as he works on the floor of the New York Stock Exchange Thursday, Nov. 1, 2007. Wall Street plunged Thursday as investors found themselves confronted by...   (Associated Press)
Traders work at the New York Stock Exchange Friday, Nov. 2, 2007 in New York. Wall Street waffled Friday after a surprisingly strong October jobs report failed to alleviate escalating worries about the...   (Associated Press)
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S&P 500  • Nasdaq  • Dow Jones  • Merrill Lynch  • Morgan Stanley  • job  • financial sector


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