Closing Bell: 08.17.07

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Sponsored by the Financial Times.
The Federal Reserve rode to the rescue today, dropping interest rates in its discount window and making noises that encouraged buyers. Shortly after the markets opened, the Dow Jones Industrial Average was up by as much as 320 points before trading curbs kicked in and stock prices fell to less irrationally exuberant levels. The Dow closed 13079.08, a gain of 233.3. The S&P 500 jumped up 34.67 and landed at 1445.94. The Nasdaq Composite Index climbed 53.96 to 2505.03. Each of the major indexes finished in a neighborhood around 2% above yesterday’s close.
The two day chart of the Dow is perhaps the most enlightening, showing nearly a six hundred and fifty point climb from the low point Thursday to the high point on Friday. Is this stability?
Looking for market intelligence? Check out FT Alphaville.

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