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July 24, 2008 11:07:01 PM CDT

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Stocks Take a Ride, End Up

Posted Nov 20, 07 3:50 PM CST in Business 

(Newser) – Stocks nosed up today after rallying, plunging, then rallying again. Freddie Mac and Fannie Mae reported big losses and pushed the markets downward, but stocks made up some lost ground with a good sales report from Hewlett Packard and a UBS upgrade for Exxon. The Dow was up 51.70 to 13,010.14, the Nasdaq up 3.43 to 2,596.81, and the S&P 500 up 6.43 to 1,439.70.

Oil closed at a record high, CNNMoney reports. Meanwhile, most speculate that the Fed will cut rates again in December, and some even speculate that the cut might come earlier. But others doubt anything drastic will happen. "Anytime you have a really bad day, like yesterday, or something like with Freddie Mac this morning, you hear these rumors," says one economist.

Sources CNN, Bloomberg, Wall Street Journal, Financial Times (UK)

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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)
Hewlett Packard Company CEO Mark Hurd smiles during a keynote address at Oracle Open World Conference in San Francisco, Monday, Nov. 12, 2007. (AP Photo/Paul Sakuma)   (Associated Press)
A shopper walks past a Norstrom sign outside of the Westfield San Francisco Centre shopping mall in San Francisco, Monday, Aug. 13, 2007. (AP Photo/Jeff Chiu)   (Associated Press)
Tornado Roller coaster   (Archive Photos)
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