Closing Bell 08.02.07


Sponsored by Financial Times
With strong earnings reports encouraging investors, stocks closed higher for the second day in a row after a late afternoon rally. Shockingly, gains were restrained by those pesky subprime worries (the ABX subprime mortgage derivative index hit a new record low).
The Dow followed up yesterday’s triple-gain with a close of +100.96 (+0.76%) to 13463.33. The Nasdaq was up 17.46 (+0.68%) to 2571.33; and the S&P 500 traded up 6.39 (+0.44%) to 1472.2.
Following Banc of America’s “buy” rating, the Dow’s biggest percentage gainer was Hewlett-Packard. Exxon Mobil was the index’s worst performer.
In spite of the positive bounce for the market, many are still waiting for the other shoe to drop, re: subprime.
Market intelligence everyday at FT Alphaville.