Stocks Keep Up Rate-Cut Rally

iPhone sales spur market on
By Jonas Oransky,  Newser Staff
Posted Sep 19, 2007 3:39 PM CDT
(FILES)Traders work the floor of the New York Stock Exchange...   (Getty Images)
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(Newser) – The stock market kept rising one day after the Fed slashed key interest rates, as speculation that the housing slump might ebb compounded the biggest rally in four years. The Dow climbed 76.17 to 13815.56, while the Nasdaq rose 14.82 to close at 2666.48 and the S%P jumped 9.25 to 1529.03. One manager called the Fed’s move “a shot of adrenaline,” Bloomberg reports.

A report that the iPhone’s sales had increased sent Apple up 86 cents and AT&T up 77 cents. Home loan giants Fannie Mae and Freddie Mac both climbed after a regulator said the companies could increase their loan portfolios; Fed chair Ben Bernanke curbed those gains by signaling he wouldn’t allow them to buy high-end mortgages. (Read more stock market stories.)