Optimism Sends Stocks Surging

Investors brush off news of spiking oil prices
By Newser Editors and Wire Services
Posted Jul 30, 2008 3:50 PM CDT
The Standard & Poors numbers are shown on the top two lines of this board at the New York Stock Exchange, Tuesday July 29, 2008.   (AP Photo)
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(Newser) – Wall Street soared for the second straight day today, rallying in the last hour of trading after a rebound in financial stocks and optimism about private sector jobs helped investors brush off a sharp jump in oil prices. The Dow rose 186 points to 11,583.69, the S&P 500 advanced 21.06 to 1,284.26, and the Nasdaq rose 10.10 to 2,329.72.


Bank and brokerage stocks, many trading at multi-year lows, turned higher and led the late advance. There was some relief in the market after the Federal Reserve said it would extend and expand its emergency borrowing program for investment banks. The central bank's move reassured the market that the banks won't suffer from liquidity problems.