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July 25, 2008 11:57:21 AM CDT

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Stocks Climb Out of a Hole

Posted Feb 11, 08 3:44 PM CST in Business 

(Newser) – Stocks climbed to post modest gains today after a plunge early in the session. Financials fell early after AIG said its credit-derivatives portfolio lost $4.88 billion, significantly more than the company had estimated in December, reports the Wall Street Journal. The Dow closed up 57.88 at 12,240.01, the Nasdaq up 15.21 at 2,320.06, and the S&P 500 7.82 at 1,339.11.

The Dow edged back up, helped along by GM's and Home Depot, as financials did poorly. "We're still in a defensive crouch with our portfolio," said one manager. Yahoo shares rose following the company's rejection of Microsoft's $45 billion bid. Before the bell, Dow Jones said Bank of America and Chevron will replace Honeywell and Altria in the industrials index, effective next Tuesday.

Sources Wall Street Journal, Bloomberg, CNN, Financial Times (UK)

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The headquarters of the American International Group Inc. is shown in this March 1, 2007 file photo in New York. (AP Photo/Mark Lennihan, file)   (Associated Press)
The market climbed out of the hole it dug earlier, much like this adorable prairie dog.   (Getty Images)
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