Afternoon Rally Fades, Revives

Tech-heavy Nasdaq outperforms other indexes
By Sam Gale Rosen,  Newser Staff
Posted Oct 22, 2007 3:45 PM CDT
Afternoon Rally Fades, Revives
A trader on the floor of the New York Stock Exchange talks on his cell phone near a phone post, Monday, Oct. 22, 2007, in New York. Wall Street turned mixed in volatile trading as investors pulled away from stocks amid worries about the credit and housing markets and disappointing corporate earnings....   (Associated Press)

The markets seesawed today as an afternoon rally faded then revived, led by the tech-heavy Nasdaq. Friday's bloodbath lingered into this morning, but a speech by Fed governor Randall Kroszner raised hopes for a rate cut, reports the Journal. The Dow closed up 44.95 at 13,566.97, the Nasdaq up 28.77 at 2,753.93, and the S&P up 5.70 at 1,506.33.

Bear Stearns led the financial sector's first advance in 9 days, Bloomberg reports. One analyst warns that the Nasdaq's climb will continue only as long as cheery reports keep coming from big companies like Apple, Google, and Amazon; Apple's better-than-expected third-quarter numbers, released after the markets closed, forestalled concerns for at least another day. (More markets stories.)

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