Stocks Break 2-Day Slump

Rising dollar, falling oil contribute as well
By Nick McMaster,  Newser Staff
Posted Aug 14, 2008 3:28 PM CDT
Customers use an ATM outside a Wachovia branch bank in Charlotte, N.C., Friday, July 18, 2008.   (AP Photo/Chuck Burton)
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(Newser) – Stocks posted solid gains today for the first time in three days as financials rebounded, the dollar gained, and oil fell nearly $1, MarketWatch reports. The Dow rose 82.97 points to close at 11,615.89, the Nasdaq gained 25.05 to 2,453.67, and the S&P 500 climbed 7.10 to 1,292.93.

Dow components Bank of America, JP Morgan, and Citi, along with the S&P 500’s Wachovia and Washington Mutual, all saw gains. Expected losses from recent court settlements relating to the sale of auction-rate securities had battered the banks’ shares, but investors today seemed happy to take advantage of the bargain prices. The markets seemed to shrug off news of rising inflation.