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Dow Gains 303 Points; Oil Drops

Fannie's losses don't phase market

By Nick McMaster, Newser Staff

Posted Aug 8, 2008 3:41 PM CDT

(Newser) – A big rally topped a rollercoaster week today as the markets surged on a drop in oil of nearly $5 a barrel, MarketWatch reports. The Dow gained 302.89 points to close at 11,734.32, the Nasdaq rose 58.37 to 2,414.10, and the S&P 500 gained 30.25 to 1,296.32.

The markets shrugged off worse-than-expected quarterly losses from Fannie Mae, probably because of oil’s big swoon to $115.20 a barrel, a 3-month low. "The market has shown an incredible ability to absorb bad news lately," said Schaeffer Investment’s CEO. "But what I'd really like to see now is an across-the-board rally without the catalyst of lower oil prices."

Traders gather at a post waiting for a stock to open on the floor of the New York Stock Exchange in this undated file photo. (AP Photo/Richard Drew)

Traders look at the numbers at a post on the floor of the New York Stock Exchange in this undated file photo. (AP Photo/Richard Drew)

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Dow Gains 303 Points; Oil Drops

Fannie's losses don't phase market

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Stocks Mixed as Oil Surges

Georgian conflict raises supply fears; analysts downgrade financials

Stocks Continue Strong Rally

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

Markets Surge on Oil, Financials

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

Dow Sinks Below 11K

Fannie, Freddie continue to sink; regional banks hit hard

Stocks Up, Oil Down on bin Laden News

Dow up 50

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Dow Gains 303 Points; Oil Drops

Fannie's losses don't phase market

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OTHER STORIES ON OUR RADAR

NASDAQ • Dow Jones • Fannie Mae • MBIA • mortgage backed securities • S&P 500 • oil prices

MOST POPULAR STORIES

[ By Views ]

[ By Comments ]

More Newser Stories

Stocks Mixed as Oil Surges

Georgian conflict raises supply fears; analysts downgrade financials

Stocks Continue Strong Rally

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

Markets Surge on Oil, Financials

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

Dow Sinks Below 11K

Fannie, Freddie continue to sink; regional banks hit hard

Stocks Up, Oil Down on bin Laden News

Dow up 50

About Us

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Newser By Users

Community

Site Maps

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