Dow Rises 202: Best Day of 2011

Earnings reports and Obama's praise of debt plan raise hopes
By Newser Editors and Wire Services
Posted Jul 19, 2011 3:01 PM CDT
In this July 18 photo, specialist Neil Gallagher, foreground right, works at his post on the floor of the New York Stock Exchange.   (AP Photo/Richard Drew)

(Newser) – Strong profits and a bipartisan plan to lift the US debt limit drove a stock market rebound today. Stock indexes rose after Coca-Cola, IBM, and other companies reported rising second-quarter earnings. The three major indexes added to their gains after President Obama praised a proposal by six senators that would cut debt by $3.7 trillion over the next decade, raising hope of avoiding a default. The Dow climbed 202 points to 12,587, the NASDAQ rose 59 to 2,827, and the S&P 500 rose 21 to 1,327. It's the Dow's best day of 2011, notes MarketWatch.

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