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Dow Jumps 889, Cracks 9,000
Bargain hunters spur big gains as markets jump late
By Nick McMaster
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Posted Oct 28, 08 3:35 PM CDT
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(Newser)
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Stocks zoomed past the 9,000 mark late in today's session as investors ignored a rock-bottom consumer-confidence rating, focusing on blue-chip gains and the likelihood of another rate cut by the Federal Reserve, the Wall Street Journal reports. The Dow shot up 889.35 to close at 9,065.12. The Nasdaq climbed 143.57, closing at 1,649.47, and the S&P 500 rose 91.59 to settle at 940.51.
Blue chips saw some encouraging activity as General Motors rose 14.7% on reports it would get a $5 billion loan from the energy department to help speed a merger with Chrysler. Boeing also climbed 15.5% on reports it had reached a deal with a striking union. The three-month Libor declined slightly, signaling easing credit costs.