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