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Stocks Rebound After Correction

Posted Nov 27, 07 3:47 PM CST in Business 

(Newser) – Stocks bounced back today after yesterday's correction with help from an injection of cash for Citigroup and lower oil prices. "The market isn't up on a cheerful consumer—it's oversold and looking to bounce," an analyst tells the Wall Street Journal. The Dow was up 215.00 to 12,958.44, the Nasdaq 39.81 to 2,580.80, and the S&P 500 21.01 to 1,428.23.

Stocks were up even higher during the course of the day, then fell slightly after a pair of speeches indicated the Fed is wary of the prospect of cutting rates at its Dec. 11 meeting. The remarks "serve to underline the huge gap between market expectations and what the Fed itself is saying," says an economist.

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

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A trading board at the New York Stock Exchange.   (Getty Images)
People pass a Citibank office on Tuesday, Nov. 27, 2007 in New York. Wall Street rebounded Tuesday after the Abu Dhabi Investment Authority said it will invest US$7.5 billion in Citigroup Inc., a vote...   (Associated Press)
The Nasdaq MarketSite, left, is shown in New York's Times Square in this Jan. 30, 2006, file photo. (AP Photo/Mark Lennihan, File)   (Associated Press)
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