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July 5, 2008 7:27:41 PM CDT

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Techs Surge Despite Late Drop

Posted Aug 8, 07 4:46 PM CDT in Business    Editor's Choice

(Newser) – The major indexes were up again today, buoyed by the tech sector as the Nasdaq gained 51.38—more than 2%—to close at 2612.98. Losses just before the bell came close to erasing earlier gains, as rumors amplified that Goldman Sachs would liquidate a major fund and that Fannie Mae and Freddie Mac wouldn’t get regulatory permission to buy mortgage loans.

But an optimistic outlook from Cisco (shares were up nearly 7%) kept tech buoyant, and it was even a good day for Bear Stearns and Countrywide Financial—two major players in the subprime debacle. The Dow climbed 153.56 to 13657.86, and the S&P added 20.78 to close at 1497.49.

Source Wall Street Journal

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stock market  • subprime mortgages  • Bear Stearns  • Goldman Sachs  • Fannie Mae  • Freddie Mac  • Countrywide Financial  • Cisco


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