Stocks Rise Despite Bad Vibes

Dow reverses three-day decline
By Jonas Oransky,  Newser Staff
Posted Feb 7, 2008 3:30 PM CST
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(Newser) – The Dow climbed 46.90 points to 12,247 in the face of bad news, ending a seesaw day up and breaking a three-day slump. Existing homes sales fell 1.5% in December, and tech bellwether Cisco reported weaker third-quarter growth than expected, but prices were low enough to stave off the bears. “There are a lot of deep discounts, and value buyers are out there,” said a trader.

The Nasdaq rose 14.28 to close at 2,293.03 points, while the S&P tacked on 10.46 to 1,336.91, MarketWatch reports. The Fed said US consumers took on more debt in December, but the figure was less than anticipated. The home sales stats may have gone down so easy because the housing market’s weakness is no longer a surprise, said analysts.