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December 2, 2008 8:37:58 PM CST

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Industrial Firms Lead Recovery

Posted Sep 10, 08 3:42 PM CDT in Business 

(Newser) – Stocks rebounded from yesterday's miserable day to close with mild gains, MarketWatch reports. Energy and industrial firms did well after yesterday's huge sell-off, but concerns about Lehman Brothers continued to weigh on the financial sector. The Dow closed up 38.19 points at 11,268.92, the Nasdaq rose 18.89 to 2,228.70, and the S&P 500 gained 7.53 to 1,232.04.

Traders continue to unwind bets on commodities and foreign currency, moving that money back into US stocks as foreign economies looked increasingly weak. As oil prices continued to fall, American energy and industrial firms benefited: GM saw a 6.4% gain, leading advances by Exxon Mobil, Chevron, Caterpillar, and IBM. Lehman fell another 7.7%—still a far cry from yesterday's drop of 45%—after revealing a $3.9 billion quarterly loss and a major restructuring.

Sources MarketWatch, Wall Street Journal

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Traders gather near the post where Lehman Brothers stock is traded on the floor of the New York Stock Exchange as the market opens Wednesday, Sept. 10, 2008.   (AP Photo/David Karp)
A trader looks at the monitor around the trading post where Lehman Brothers stock is traded on the floor of the New York Stock Exchange as the market opens Wednesday, Sept. 10, 2008.   (AP Photo/David Karp)
Traders gather where Lehman Brothers stock is traded on the floor of the New York Stock Exchange as the market opens Wednesday, Sept. 10, 2008.   (AP Photo/David Karp)
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There is an inordinate amount of attention being paid to Lehman Brothers, as its fate seems to be viewed as a harbinger for things to come. - Frederic Ruffy, Strategist, WhatsTrading.com

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Dow Jones • S&P 500 • Nasdaq • General Motors • oil prices • commodities • Chevron • Caterpillar


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