U.S. stocks climbed and the S&P 500 Index posted its first three-day advance since September after the Federal Reserve committed as much as $800 billion to help resuscitate lending.
D.R. Horton Inc. rallied 38 percent to lead homebuilders in the S&P 500 to a 20 percent gain as the Fed announced the new funding. SLM Corp., the student lender known as Sallie Mae, and CIT Group Inc., the commercial-finance company, jumped more than 20 percent. Cisco Systems Inc. and Hewlett-Packard Co. led a decline in technology companies, limiting the market’s advance, on concern the recession is hurting demand.
The S&P 500 added 0.7 percent to 857.39, extending its rebound from an 11-year low on Nov. 20 to 14 percent. The Dow Jones Industrial Average increased 36.08 points, or 0.4 percent, to 8,479.47. The Nasdaq Composite Index slipped 0.5 percent to 1,464.73.
(Bloomberg.com)
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One Response
What’s the big g’dilla about 38 points on the Dow??? The story makes it sound like all is well in the world.
Don’t think that investors are trying to figure out WHO is paying for these buy outs. I have an answer to their question…. YOU & I are going to be paying for the buy out.