Stocks Take a Ride, End Up

Rally, dive, rally, wheeeee!
By Sam Gale Rosen,  Newser Staff
Posted Nov 20, 2007 3:50 PM CST
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)
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(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.