Stocks Rebound After Correction

Cash for Citigroup, lower oil prices help rally
By Sam Gale Rosen,  Newser Staff
Posted Nov 27, 2007 3:47 PM CST
A trading board at the New York Stock Exchange.   (Getty Images)
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(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.