Stocks rallied today as MBIA led gains for bond insurers and the news of an upward revision to the second-quarter US gross domestic product brightened investor sentiment, MarketWatch reports. The Dow rose 212.67 to close at 11,715.18. The Nasdaq gained 29.18, closing at 2,411.64, and the S&P 500 climbed 19.01 to settle at 1,300.67.
Crude oil reversed three days of gains and ended down $2.56 as it remained uncertain whether Tropical Storm Gustav would hit oil production in the Gulf of Mexico. MBIA rallied 34.7% after showing its health by striking a deal to reinsure billions in bonds by Financial Guaranty Insurance. MBIA rivals Ambac Financial and MGIC Investment also rose on the news.