Dow Rises 270 on Late Rally

By Nick McMaster,  Newser Staff
Posted Dec 2, 2008 3:24 PM CST
Trader Robert Fava, left, works with specialist Damen Watson on the floor of the New York Stock Exchange, Tuesday Dec. 2, 2008.   (AP Photo/Richard Drew)
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(Newser) – Stocks rallied late in the session today, buoyed by rounds of bargain hunting following yesterday’s deep sell-off, the Wall Street Journal reports. GE rose 14%, despite lowering its forecast, on news that it will still pay a $1.24-per-share dividend next year. The Dow rose 270 points to close at 8,419. The Nasdaq gained 51.73 points, closing at 1,450, and the S&P 500 rose 32.60 points to settle at 849.

Ford and GM announced grisly drops in monthly sales but managed to gain 6.6% and 4.3%, respectively, as the chief executives of the firms submitted new bailout proposals to Congress. Sears led retailers higher, gaining 12% after reporting a 9% third-quarter sales loss but $500 million stock buyback.