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Dow Flips on T-Notes, Adds 104

By Harry Kimball,  Newser Staff

Posted May 28, 2009 3:14 PM CDT

(Newser) – A well-received auction of Treasury notes and a jump in the price of crude oil pushed markets up today, the Wall Street Journal reports. “There was some real fear coming into this,” a strategist said of yesterday’s worries about government debt. “Clear-cut case of sell on the rumor, buy on the news.” The Dow was up 103.78 to 8,403.80. The S&P rose 13.77 to 906.83. And the Nasdaq added 20.71 to finish at 1,751.79.

Traders work on the floor of the New York Stock Exchange.
Traders work on the floor of the New York Stock Exchange.   (AP Photo)
Traders gather at the post that handles Wells Fargo on the floor of the New York Stock Exchange.
Traders gather at the post that handles Wells Fargo on the floor of the New York Stock Exchange.   (AP Photo)
An oversized $100 Patriot Bond.
An oversized $100 "Patriot Bond."   (AP Photo)
A Treasury note auction at the Chicago Board of Trade.
A Treasury note auction at the Chicago Board of Trade.   (AP Photo)
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We are seeing some encouraging changes in trends, but the data is showing us this recovery will be very slow and hard earned, and that's going to keep washing back on investor consciousness. - Jeff Markunas, RidgeWorth

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