Another Day, Another Rally

Good news comes late in the day as rate-cut hopes persist
By Sam Gale Rosen,  Newser Staff
Posted Jan 29, 2008 3:43 PM CST
Stocks extended their rally today.   (Getty Images (by Event))
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(Newser) – Stocks rose for a second straight session today thanks to a late rally. Flagging techs dragged down the markets initially, but then got a boost from a cheerful report on durable goods orders on the first day of the Fed meeting, reports CNNMoney. The Dow climbed 96.41 to 12,480.30, the Nasdaq 8.15 to 2,358.06, and the S&P 8.33 to 1,362.30

Meanwhile, investors continue to hope the 2-day Fed meeting will produce another interest-rate cut, but some analysts doubt that they'll be satisfied. "I think that the Fed will end up disappointing investors tomorrow with the size of the cut and the language in the statement," one expert says.