Stocks Edge Up on Mixed Day

Turmoil besets financial sector
By Jonas Oransky,  Newser Staff
Posted Nov 2, 2007 3:34 PM CDT
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)
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(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.”