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Stocks Soar After Bumpy Ride

Posted Jan 10, 08 3:19 PM CST in Business 

(Newser) – The Dow finished up 117.78 points today, closing at 12,853.09 on signals from Fed chairman Ben Bernanke of interest-rate cuts to come and reports that Bank of America is in talks to buy home-loan giant Countrywide. It was a bumpy ride, though, as the key index was down more than 100 points at one point on weak December sales at big retailers.

The Nasdaq climbed 13.97 to 2,488.52, and the S&P tacked on 11.20 to close at 1,420.33, MarketWatch reports. The news that credit-card issuer Capital One had underperformed was taken as a bad harbinger on the financial front. One strategist said the "market clearly can’t make up its mind,” while another hedged on Bernanke’s rate cut hints: He “gave reassurance, he didn’t give certainty.”

Source MarketWatch

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Ian Stewart, right, and Gregory Gravalis, both of Bear Wagner Specialists, monitor trading on the floor of the New York Stock Exchange, Thursday, Jan. 10, 2008. Wall Street rose in volatile trading on...   (Associated Press)
John Abramowicz, right, of Lehman Brothers Market Makers talks to a fellow trader on the floor of the New York Stock Exchange, Thursday, Jan. 10, 2008. Wall Street waffled in volatile trading as investors...   (Associated Press)
Brendon Clark leaves the chute during the championship round at the Professional Bull Riders Versus Invitational in New York, Sunday, Jan. 6, 2008. (AP Photo/Seth Wenig)   (Associated Press)
Bull rider L.J. Jenkins of Texico, N.M. rides Super Duty for a full eight seconds to record a score of 90 during the Professional Bull Riders Invasion of the Bulls preview for the Versus Invite outside...   (Associated Press)
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S&P 500  • Nasdaq  • Dow Jones  • Bank of America  • Countrywide  • Capital One  • Harbinger Capital


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