Dow Up 30 After Rally Fizzles

Merck sees big gains on earnings projection
By Nick McMaster,  Newser Staff
Posted Nov 4, 2009 3:16 PM CST
Specialists Scott Wetzel, Michael Bonnano and Peter Gaicchi, left to right, and Gennaro Saporito, foreground right, work at a post on the floor of the New York Stock Exchange Wednesday, Nov. 4, 2009.   (AP Photo/Richard Drew)
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(Newser) – A rally that saw the Dow up almost 140 points on the Fed’s announcement that it would keep interest rates low for an “extended period” collapsed in the final hour of trading today, the Wall Street Journal reports.Tanking insurance stocks were blamed.

  • The Dow closed up 30 points at 9,802.
  • The Nasdaq lost 2 points to close at 2,056.
  • The S&P 500 gained 1 point, settling at 1,047.