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Energy, Techs Give Stocks a Jolt

Traders still confident that Bernanke will cut rates; GM leads upward trend

By Caroline Zimmerman,  Newser User

Posted Sep 4, 2007 4:25 PM CDT
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(Newser) – Tech and energy stocks led a rally at the end of today's session on Wall Street, as rumors of an interest-rate cut multiplied and traders examined indications that earnings would outpace prices in the two sectors. GM was up 6.1% as the Dow jumped 91.12 to 13448.86, but component Home Depot slowed extra gains by announcing a major buyback.

The S&P 500 was up 15.43 1489.42, and the Nasdaq added 33.88 to finish at 2630.24. Apple reached a one-month peak in advance of a major product announcement tomorrow, and Exxon reached a three-week high as crude shot up 79 cents. "Stocks are trading at bargain levels," said one executive, but volume remained low as many traders aren't back from vacation yet.

An equities trader monitors share prices on the floor of the New York Stock Exchange, Wednesday, Aug. 29, 2007. Stocks advanced Wednesday as investors scooped up bargains after the previous session's huge tumble. (AP Photo/John Marshall Mantel)
An equities trader monitors share prices on the floor of the New York Stock Exchange, Wednesday, Aug. 29, 2007. Stocks advanced Wednesday as investors scooped up bargains after the previous session's...   (Associated Press)
Equity traders monitor share prices on the floor of the New York Stock Exchange, Wednesday, Aug. 29, 2007. Stocks advanced Wednesday as investors scooped up bargains after the previous session's huge tumble. (AP Photo/John Marshall Mantel)
Equity traders monitor share prices on the floor of the New York Stock Exchange, Wednesday, Aug. 29, 2007. Stocks advanced Wednesday as investors scooped up bargains after the previous session's huge...   (Associated Press)
Richard Zboray of Van der Moolen Specialists looks at an overhead monitor from the floor of the New York Stock Exchange, Tuesday, Aug. 28, 2007, in New York. Wall Street extended its retreat as investors cautiously awaited minutes from the Federal Reserve's last meeting that could provide insight into whether...
Richard Zboray of Van der Moolen Specialists looks at an overhead monitor from the floor of the New York Stock Exchange, Tuesday, Aug. 28, 2007, in New York. Wall Street extended its retreat as investors...   (Associated Press)
Federal Reserve Bank Chairman Ben Bernanke steps out on a balcony following his speech to the Federal Reserve Bank of Kansas City Economic Symposium, Friday, Aug. 31, 2007, at the Jackson Lake Lodge at Grand Teton National Park, Wyo. (AP Photo/Ted S. Warren)
Federal Reserve Bank Chairman Ben Bernanke steps out on a balcony following his speech to the Federal Reserve Bank of Kansas City Economic Symposium, Friday, Aug. 31, 2007, at the Jackson Lake Lodge at...   (Associated Press)
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