Dow Jumps 331 on Fed Hopes

Stronger dollar and respite from bad news on financials keeps market bouncing
By Sam Gale Rosen,  Newser Staff
Posted Nov 28, 2007 3:40 PM CST
Dow Jumps 331 on Fed Hopes
Wiley Petersen rides Troubadour, the bull, during the championship round of Professional Bull Riders World Finals in Las Vegas, Sunday, Nov. 4, 2007. Petersen won the event. (AP Photo/Jae C. Hong)   (Associated Press)

Stocks were way up today—the Dow by over 300 points—buoyed by hopes for a Fed interest-rate cut, good news from beleaguered financials, and a stronger dollar. Remarks by Vice Chairman Donald Kohn led investors to believe the Fed is still considering a cut, the Wall Street Journal reports. By the bell, the Dow was up 331.01 to 13,,289.45, the Nasdaq 82.11 to 2,662.91, and the S&P 40.79 to 1,469.02.

Shares of big financials held the upward course they charted yesterday, the Journal reports, and the dollar has enjoyed something of a comeback against the euro and the yen. That news, in turn, pushed oil futures below $92 per barrel. "All these factors add up, and there is no real bad news today. It's a relief day," one strategist says. (More stock market stories.)

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