Stocks Rally on Stimulus News

Dow rises 108 points as Bush, Congress announce plan
By Nick McMaster,  Newser Staff
Posted Jan 24, 2008 3:57 PM CST
President Bush, accompanied by Treasury Secretary Henry Paulson, tells reporters in the White House briefing room in Washington, Thursday, Jan. 24, 2008, that he and leaders of the Democratic-led Congress...   (Associated Press)
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(Newser) – Stocks enjoyed growth for a second consecutive day as the announcement of Congress’ economic stimulus plan raised investor confidence already bolstered by this week's rate cut by the Fed, the Wall Street Journal reports. Though jittery throughout the day, the Dow mounted a late rally to end up 108.44 points at 12,378.61. The Nasdaq rose 44.51 points to 2,360.92, while the S&P 500 rose 13.47 points to 1,352.07.

Investors are optimistic that the Fed will cut rates even further at next week's meeting. Stocks also were bolstered by news from the Labor Department that first-time claims for unemployment dropped last week to 301,000, a four-month low.