Bear Bid Boosts Stocks

Unexpectedly strong home sales also spur rally
By Sam Gale Rosen,  Newser Staff
Posted Mar 24, 2008 3:49 PM CDT
'I CAN HAS BAILOUT?' asks an adorable representation of Bear Stearns.   ((c) Shiny Things)
camera-icon View 2 more images

(Newser) – Stocks ended up today, thanks to JPMorgan's increased bid for Bear Stearns and unexpectedly strong monthly home-sales data. Still, investors remained cautious, the Wall Street Journal reports. "Who knows if there's going to be another Bear Stearns out there?" an analyst asked. The Dow finished up 187.32 at 12,548.64, the Nasdaq 68.64 at 2,326.75, and the S&P 20.31 at 1,349.82.

Meanwhile, news that February saw the first increase in existing-home sales in 7 months cheered investors, but they're reserving judgment . "The trend is still what we're looking for, not necessarily a short-term bounce," said an analyst. "We're starting from a fairly modest level of valuations in this downturn and so perhaps people are right in suggesting that downside is limited," an investment manager told Bloomberg.