Markets Up in Rollercoaster Day

Dow posts modest gain on mixed news
By Nick McMaster,  Newser Staff
Posted May 28, 2008 3:34 PM CDT
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)
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(Newser) – Stocks rose, fell, and rose again as mixed economic news pulled the market in opposite directions today, the Wall Street Journal reports. The Dow ended up 45.68, at 12,594.03. The Nasdaq climbed 5.46 to 2,486.70, and the S&P 500 rose 5.49 to 1,390.84.

Financials took a hit as a Citigroup analyst said AIG would need to raise more capital to weather continued subprime losses. Regional bank KeyCorp aided the malaise by saying it will lose more than expected on 2008 loans. But the Commerce Department said that orders for durable goods fell 0.5% in April, better than the 2% forecast by economists.