Market Rallies on Corporate Gains, Labor News

GM, McDonald's bolster stocks
By Caroline Zimmerman,  Newser Staff
Posted Sep 13, 2007 4:12 PM CDT
Market Rallies on Corporate Gains, Labor News
Traders and specialists work the trading floor of the New York Stock Exchange in the morning hours of Tuesday, Sept. 11, 2007. Wall Street rose sharply Tuesday as investors, cheered at least momentarily by a decline in the trade deficit and gains in overseas stocks, awaited a speech by Federal Reserve...   (Associated Press)

US stocks rallied today, with blue chips and Countrywide Financial at the helm. A General Motors' analyst upgrade and  a higher-than-anticipated dividend at McDonald's helped drive the Dow up 133.23 points, to 13,424.88. Countrywide rose 14% on news that the battered lender has lined up $12 billion in financing. The Nasdaq climbed 8.99 to 2,601.06, and the S&P jumped 12.39 to 1,483.95, MarketWatch reports.

An early-bird Labor Department report also gave the markets a boost with news that new jobless applications were up only  4,000 for the week ending Sept. 8,  signaling a healthy labor market. There was a modest respite from the rise in crude oil prices, but crude still represents an "important income shock to US consumers," said one economist. (More labor stories.)

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