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Dow Up 401 After Seesaw Day
Investors see signs of gradually easing credit—and bargains, driving up market late
By Nick McMaster
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Posted Oct 16, 08 3:23 PM CDT
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(Newser)
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Stocks rallied late in today’s volatile session, but stopped short of recovering yesterday’s sharp losses, rollercoastering through an 800-point range, MarketWatch reports. Crude oil futures fell $4.69, to about half of their record high in July, on a report that showed US inventories increasing. The Dow rose 401.35 to 8,979.26. The Nasdaq gained 89.38, closing at 1,717.71, and the S&P 500 climbed 38.59 to 946.43.
Philadelphia-area manufacturing activity fell, but economic data yielded some bright spots: Core consumer inflation (which excludes energy and food) held steady in September, and initial jobless claims fell last week. Interbank lending rates also eased, indicating that credit is loosening: The three-month US dollar Libor fell to 4.502% from yesterday’s 4.55%, and the overnight rate fell to 1.937% from 2.143%.