Hyperlink Legend · E-mail story · Comments · iPod friendly version · Print friendly version

Stocks rise on bailout hopes
by Associated Press
Friday, September 26, 2008

NEW YORK — Financial markets grew more upbeat Thursday as political leaders said they struck an agreement in principle on a massive spending plan to revive the crippled financial system. The Dow Jones industrial average jumped about 200 points on optimism about the bailout, and demand for safe-haven assets remained high but eased slightly as some investors placed bets that a deal would help unclog credit markets.

Still, some investors had their doubts. Demand eased but remained high for the 3-month Treasury bill, considered the safest short-term investment. Its yield rose to 0.75 percent from 0.49 percent late Wednesday. That means investors are still willing to earn the slimmest of returns in exchange for a safe place to put their money. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 3.84 percent from 3.81 late Wednesday.

The Dow rose 196.89, or 1.82 percent, to 11,022.06. The gain helped erase some of the losses from heavy selling earlier in the week, though the blue chips still remain down by more than 360 points, or 3.2 percent. The Standard & Poor’s 500 index advanced 23.31, or 1.97 percent, to 1,209.18 and the Nasdaq composite index rose 30.89, or 1.43 percent, to 2,186.57.

Advancing issues outnumbered decliners by nearly 3 to 1 on the New York Stock Exchange, where consolidated volume came to 5.73 billion shares, compared with 4.66 billion traded Wednesday.

The dollar was mixed against other major currencies Thursday, while gold prices fell.

Light, sweet crude for November delivery rose $2.29 to settle at $108.02 a barrel on the New York Mercantile Exchange.

Comments
There are no comments. Click here to start the discussion.
Story Tools
Hyperlink Legend
E-mail story
Print friendly version
iPod friendly version

Today's Top Headlines
Not in Kansas
Shearin unites holiday events
Two charged in shooting incidents
Alliance considers highway system’s future
‘Mommy had not an easy life’

Post a comment

Comments are the sole responsibility of the person posting them.

Rules: We don't allow comments that degrade others on the basis of gender, race, class, ethnicity, national origin, religion, sexual orientation or disability. Epithets, abusive language and obscene comments will not be tolerated... nor will defamation. Brief quotes are okay as long as the source is given. Blatent cutting and pasting is not acceptable.

Robust, even heated debate we like. Straying off-topic or flaming, we don't. Please read our user agreement.

Requires free stjoenews.net registration
.

Username:
Password: (Forgotten your password?)

Comment:


Business
Location


Iframe Content
  • More Headlines
  • Recently Discussed
It takes two Friday, Dec. 5, 2008

Show-biz heavy metal Friday, Dec. 5, 2008

A thread of hope Friday, Dec. 5, 2008

The Shuffle: Baby, one more time? Friday, Dec. 5, 2008