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Stocks Rally on Stimulus News

Posted Jan 24, 08 3:57 PM CST in Business 

(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.
Sources: Wall Street Journal, Bloomberg

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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)
Federal Reserve Board Chairman Ben Bernanke discusses the near-term economic outlook while testifying on Capitol Hill in Washington, Thursday, Jan. 17, 2008, before the House Budget Committee. (AP Photo/Dennis...   (Associated Press)
Traders work on the floor of the New York Stock Exchange January 24, 2008 in New York City. The Dow staged a late rally Thursday. Following a sharp fall in international markets Monday, the Federal Reserve...   (Getty Images)
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