Dow Up After Roller-Coaster Day

Bad news doesn't halt rally; markets end week up
By Jonas Oransky,  Newser Staff
Posted Nov 16, 2007 3:44 PM CST
Traders at the New York Stock Exchange take advantage of an informational area known as the "Ramp," just off the trading floor, Wednesday, Oct. 24, 2007, in New York. Wall Street pulled back today, sending...   (Associated Press)
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(Newser) – The major indexes closed up today after erratic trading as bad news on industrial production and new negative forecasts failed to halt an end-of-week rally. The Dow gained 66.74 to 13,176.79, the Nasdaq climbed 18.73 to 2,637.24, and the S&P 500 closed at 1,458.74, up 7.59.

Industrial production fell 0.5% last month, and FedEx and Starbucks both dropped earnings forecasts, MarketWatch reports. A Fed governor fueled negativity by saying interest rates were low enough to weather the coming storm. Investors also waited for new Merrill Lynch CEO John Thain to write off gains, a move widely expected in the near future.