Stocks Surge as Jitters Remain

By Greg Atwan,  Newser Staff
Posted Aug 2, 2007 4:36 PM CDT
Stocks Surge as Jitters Remain
Signs indicating a home for sale by owner at a reduced price are seen, Tuesday, July 31, 2007, in Cincinnati. With the housing and mortgage industries plunging deeper into distress, investors around the world are losing their stomach for risk. This means it will cost more to borrow, which could harm...   (Associated Press)

The Dow was up 100.96 today—mostly in late trading—closing at 13,463.33 after Asian markets made a partial recovery from its recent hemorrhage and some rare good news emerged from the housing market. Retail and tech winners beat losers; Nokia, Motorola, CVS, and Hewett-Packard all put up big gains after better-than-anticipated earnings reports.

Meanwhile, Beazer homes, which lost nearly 20% yesterday on bankruptcy rumors, recovered most of its losses when Citadel doubled its investment. Beleaguered mortgage company American Home Lenders lost another 35% of its value as subprime tremors continued to shake the market and a shutdown appears increasingly imminent. The Nasdaq climbed 22.11 to 2575.98, and the S&P added 6.39 to close at 1472.20. (More NASDAQ stories.)

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