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Oil, Gold Lift Markets

Record highs fuel late rally

By Sam Gale Rosen, Newser Staff

Posted Nov 6, 2007 3:37 PM CST

(Newser) – Stocks closed up today, buoyed by surging oil and gold prices. Oil hit $97 a barrel, and gold is at a 27-year high, Bloomberg reports. Energy and metals producers, including Exxon Mobil and Newmont Mining—the world's second-largest gold-mining company—led the rally. The Dow was up 117.54 to 13,660.94, the Nasdaq 30.00 to 2,825.18, and the S&P 500 18.10 to 1,520.27.

"Materials are feeding the global boom," says one manager. Meanwhile, the financial sector was buoyed by Goldman Sachs' denial that it's about to announce a big writedown. "The rumors seem to be getting more fanciful by the minute," said a spokesman. "We said there was no truth to them last week and the situation has not changed."

A worker delivers fuel to an Exxon station in Keller, Texas in this Jan. 27, 2007 file photo. (AP Photo/Donna McWilliam, file) (Associated Press)

Fuel storage tanks are seen at Petroleum Products Corporation in Highspire, Pa., Tuesday, Nov. 6, 2007. Oil futures jumped to a new record above $97 a barrel Tuesday after bombings in Afghanistan and... (Associated Press)

Gold hit $824.0 an ounce today. (Getty Images)

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Record highs fuel late rally

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Stocks Rally After Fannie Mae Woes

Markets make modest gains, led by energy sector

Exxon Gives Markets a Boost

Hopes for Fed rate cut, O'Neal ouster buoy stocks

Apple Becomes Most Valuable Company in World, Briefly

It overtakes Exxon for No. 1 spot before falling back again

Goldman Gains $549M as Execs Are Grilled

Firm one of few winners as market nosedives

Goldman to Insurers: Health Reform Will Hurt

Who knew Wall Street and teabaggers could agree?

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Record highs fuel late rally

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OTHER STORIES ON OUR RADAR

stock market • Goldman Sachs • ExxonMobil • oil price • gold

MOST POPULAR STORIES

[ By Views ]

[ By Comments ]

More Newser Stories

Stocks Rally After Fannie Mae Woes

Markets make modest gains, led by energy sector

Exxon Gives Markets a Boost

Hopes for Fed rate cut, O'Neal ouster buoy stocks

Apple Becomes Most Valuable Company in World, Briefly

It overtakes Exxon for No. 1 spot before falling back again

Goldman Gains $549M as Execs Are Grilled

Firm one of few winners as market nosedives

Goldman to Insurers: Health Reform Will Hurt

Who knew Wall Street and teabaggers could agree?

About Us

Site

Newser By Users

Community

Site Maps

Tools

More News

What is Newser?