Stocks end the week with a bang
Monday, August 11th, 2008
CNNMoney - Last Updated: August 8, 2008: 5:53 PM EDT
The Dow surges 300 points as investors welcome a nearly $5-per-barrel plunge in crude prices and a stronger U.S. dollar.
By Alexandra Twin, CNNMoney.com senior writer
NEW YORK (CNNMoney.com) — Stocks soared Friday, with the Dow industrials spiking more than 300 points, as oil prices slumped almost $5 a barrel to three-month lows and the dollar rallied against other major currencies.
The slide in oil prices, in combination with a strong dollar, helped distract investors from the latest bad news out of the financial sector - including Fannie Mae’s steep quarterly loss.
The Dow Jones industrial average (INDU) gained more than 300 points, or 2.7%. The broader Standard & Poor’s 500 (SPX) index gained 2.4%, and the tech-heavy Nasdaq composite (COMP) gained 2.5%.
