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Markets Surge on Oil, Financials

Another drop in crude, good news from Wells Fargo brings out the bulls

By Nick McMaster, Newser Staff

Posted Jul 16, 2008 3:27 PM CDT

(Newser) – The markets rallied big today, as the price of oil fell for a second day and financials regained some of the ground lost in recent chaotic sessions, the Wall Street Journal reports. The Dow gained 276.74 to go back over the 11,000 mark, at 11,239.28. The Nasdaq rose 69.14, settling at 2,284.85, and the S&P 500 gained 30.45, closing at 1,245.36.

"There is some potential here to build on the gains, if they can hold up over the next few days," one analyst said. "We are feeling a little more bullish for the first time in awhile." Fannie Mae and Freddie Mac perked up as the SEC's rules curbing short selling set in. Wells Fargo was also a big winner, soaring over 30% after boosting its dividend and beating forecasts for Q2 income.

Traders work on the floor of the New York Stock Exchange in this undated file photo. (AP Photo/Richard Drew)

An equities trader monitors share prices on the floor of the New York Stock Exchange in this undated file photo. (AP Photo/John Marshall Mantel)

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Markets Surge on Oil, Financials

Another drop in crude, good news from Wells Fargo brings out the bulls

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Stocks Continue Strong Rally

Dow up 207 points; third consecutive day of falling oil prices helps

Dow Sinks Below 11K

Fannie, Freddie continue to sink; regional banks hit hard

Oil Drops, but Rally Fades

S&P 500 off 20% from October high

Stocks Mixed as Oil Surges

Georgian conflict raises supply fears; analysts downgrade financials

Financials Skid, Spark Sell-Off

Financials plummet on the prospect of a GSE bailout

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Markets Surge on Oil, Financials

Another drop in crude, good news from Wells Fargo brings out the bulls

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OTHER STORIES ON OUR RADAR

NASDAQ • Dow Jones • Wells Fargo • Freddie Mac • Fannie Mae • oil price • S&P 500 • financial stocks • oil prices

MOST POPULAR STORIES

[ By Views ]

[ By Comments ]

More Newser Stories

Stocks Continue Strong Rally

Dow up 207 points; third consecutive day of falling oil prices helps

Dow Sinks Below 11K

Fannie, Freddie continue to sink; regional banks hit hard

Oil Drops, but Rally Fades

S&P 500 off 20% from October high

Stocks Mixed as Oil Surges

Georgian conflict raises supply fears; analysts downgrade financials

Financials Skid, Spark Sell-Off

Financials plummet on the prospect of a GSE bailout

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Newser By Users

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