Stocks Surge as Jitters Remain

By Greg Atwan,  Newser User
Posted Aug 2, 2007 4:36 PM CDT
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...   (Associated Press)
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(Newser) – 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.