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Stocks Rise as Oil Drops

Posted Jul 22, 08 3:22 PM CDT in Business 

(Newser) – Stocks climbed to robust gains by the end of today’s session as a drop in oil helped offset a spread of mixed earning reports, MarketWatch reports. The Dow gained 135.16 points to close at 11,602.50, the Nasdaq rose 24.43 to 2,303.9, and the S&P 500 climbed 17.01 points to 1,277.01.

Oil fell more than $5, hitting a 7-week low at $126 a barrel. Wachovia managed to shrug off a terrible quarterly earnings report by announcing plans for improving its credit, and shares surged 8%. American Express plunged 10.2% after releasing dismal earnings, but the Dow pushed past it, helped in part by strong reports, and subsequent stock gains from Caterpillar and DuPont.
Sources: MarketWatch, Wall Street Journal

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In this April 3, 2008 file photo, a worker replaces letters on the American Express sign at the financial services company world headquarters building in New York.   (AP Photo/Mark Lennihan, file)
Customers use an ATM outside a Wachovia branch bank in Charlotte, N.C., Friday, July 18, 2008.   (AP Photo/Chuck Burton)
Traders Scott Mazzella, center, with Lehman Brothers, and Frank Cannarozzo, right, with B&B Securities, gesture as they work during early trading at the New York Stock Exchange in this undated file photo.   (AP Photo)
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