Bonds Confidence Boosts Stocks

Insurer MBIA says its rating will be just fine
By Jonas Oransky,  Newser Staff
Posted Jan 31, 2008 3:32 PM CST
Bonds Confidence Boosts Stocks
NYSE Euronext Chairman Jan-Michel Hessels, , left, and NYSE Euronext CEO Duncan L. Niederauer, right, visit the floor of the New York Stock Exchange, Wednesday Jan. 30, 2008. Wall Street retreated Wednesday ahead of a widely expected interest rate cut by the Federal Reserve as investors cashed in profits...   (Associated Press)

(Newser) – Markets were up sharply today on calming words from bond insurer MBIA, with the Dow closing at 12,650.36, up 207.53. The company said its triple-A rating was not vulnerable and that it was solvent enough to weather the mortgage crisis, MarketWatch reports. The Nasdaq gained 40.86 to 2,389.86; the S&P 500 moved up 22.74 to 1,378.55.

A strategist credited MBIA's reassurance with the day’s success, “helping financials and helping lift most everything else" after the Dow fell more than 100 points at the opening bell on news of the largest weekly gain in jobless benefits since September, 2005. In other news, Amazon furrowed brows with a poor income forecast and Starbucks reported falling traffic at its coffee shops. (Read more Dow Jones stories.)

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