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Dow Jumps 261, Ends Week Up

Posted Mar 20, 08 3:54 PM CDT in Business 

(Newser) – Stocks enjoyed a steady rally today off of surprisingly good manufacturing data and renewed investor confidence in Fannie and Freddie Mae, achieving the first weekly gain in a month, since the market is closed tomorrow, the Wall Street Journal reports. The Dow rose 261.66 points, ending at 12,361.32; the Nasdaq gained 48.15 points to 2,258.11; and the S&P 500 added 31.09 to close at 1,329.51.

This week’s key worry of a liquidity crisis has been somewhat eased by the Fed’s three-quarter-point rate cut and loosening of restrictions on Fannie and Freddie. The Philadelphia Federal Reserve said local manufacturing increased in March, reversing a string of regional declines. Nike posted an unexpected 32% jump in quarterly profit, and the dollar rose against the pound and euro.

Sources: Wall Street Journal, Bloomberg, MarketWatch

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A trader looks at his monitor before the opening bell on the floor of the New York Stock Exchange, March 20, 2008.   (Getty Images)
Traders work computers on the floor of the New York Stock Exchange March 20, 2008 in New York City.   (Getty Images)
The Fannie Mae building in Washington, in this May 2, 2007 file photo, in Washington.   (AP Photo/Manuel Balce Ceneta, file)
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