Once again, making the story fit the headline
On another day, had the mkt reacted as it normally would, without last hour intervention, to one of the largest spikes in oil ever, the story would be entirely different
Where was that optimism and brushing off two hours prior?
Look for a huge reversal tomorrow and Friday, especially if oil roars higher
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Stocks surge higher, led by financial sector
Wednesday July 30, 5:38 pm ET
By Tim Paradis, AP Business Writer
Wall Street extends gains as financial stock rally offsets higher oil prices
NEW YORK (AP) -- Wall Street soared for the second straight day Wednesday, rallying in the last hour of trading after a rebound in financial stocks and optimism about private sector jobs.
Investors brushed off a sharp jump in oil prices. The Dow Jones industrials rose more than 180 points, bringing its two-day gain to more than 450.
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Bank and brokerage stocks, many trading at multiyear lows, turned higher and led the late advance. There was some relief in the market after the Federal Reserve said it would extend and expand its program to lend money to investment banks. The central bank's move reassured the market that the banks would have cash if they needed it.
Investors have been worried that some of Wall Street's biggest names will be slashing prices on more of their assets -- and needing more money -- after Merrill Lynch & Co. unexpectedly announced a $5.7 billion write-down late Monday.
"There's a growing sense that what we saw out of Merrill Lynch is the beginning of the end for the financial cleanup," said Craig Peckham, market strategist at Jefferies & Co. He added that the ADP number was also a good sign for the economy. |
