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July 25, 2008 5:03:14 PM CDT

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Market Rallies After Fed Rollercoaster

Posted Aug 7, 07 4:32 PM CDT in Business 

(Newser) – Stocks were up across the board today after the Fed expressed confidence that “moderate” expansion would continue, countering fears that the subprime fiasco will bleed further into the broader market. The Dow was down more than 100 points immediately after the decision as traders scrambled to decode it, but closed up 35.52, at 13,504.30

The Nasdaq climbed 14.27 to 2561.60; the S&P 500 had its best two-day rally since 2003, closing up 9.04 at 1,476.71, as AIG and Citigroup shares surged. Exxon led oil and gas companies to their biggest gains since mid July. Shares have regained roughly a quarter of the $1.6 trillion lost since subprime tremors began to disturb them last month. A Moody’s analyst even said the credit jitters now looked “manageable.”

Source Bloomberg

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A specialist watches the screens at his post on the floor of the New York Stock Exchange, Monday, Aug. 6, 2007. Stocks fluctuated in early trading Monday following a sharp pullback Friday brought by concerns...   (Associated Press)
Bear Wagner specialist Robert Tuccillo watches screens at his post on the floor of the New York Stock Exchange, Tuesday, Aug. 7, 2007. The market was clearly let down when the Fed's Open Market Committee...   (Associated Press)
Trader Dennis Monaco, right, uses his handheld device as he works on the floor of the New York Stock Exchange, Monday, Aug. 6, 2007. Stocks fluctuated in early trading Monday following a sharp pullback...   (Associated Press)
Adam Heckendorn, left, talks with a fellow trader on the floor of the New York Stock Exchange, Monday, Aug. 6, 2007. Stocks fluctuated in early trading Monday following a sharp pullback Friday brought...   (Associated Press)
Traders move around the floor of the New York Stock Exchange in the minutes before the closing bell, Tuesday, Aug. 7, 2007. Wall Street overcame disappointment in the Federal Reserve's failure to move...   (Associated Press)
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stock market  • subprime mortgages  • S&P 500  • Nasdaq  • Dow Jones  • Citigroup  • AIG  • Exxon


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