Stocks Break 2-Day Slump

Rising dollar, falling oil contribute as well
By Nick McMaster,  Newser Staff
Posted Aug 14, 2008 3:28 PM CDT
Stocks Break 2-Day Slump
Customers use an ATM outside a Wachovia branch bank in Charlotte, N.C., Friday, July 18, 2008.   (AP Photo/Chuck Burton)

Stocks posted solid gains today for the first time in three days as financials rebounded, the dollar gained, and oil fell nearly $1, MarketWatch reports. The Dow rose 82.97 points to close at 11,615.89, the Nasdaq gained 25.05 to 2,453.67, and the S&P 500 climbed 7.10 to 1,292.93.

Dow components Bank of America, JP Morgan, and Citi, along with the S&P 500’s Wachovia and Washington Mutual, all saw gains. Expected losses from recent court settlements relating to the sale of auction-rate securities had battered the banks’ shares, but investors today seemed happy to take advantage of the bargain prices. The markets seemed to shrug off news of rising inflation. (More Dow Jones stories.)

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