Late Reversal Leads to Gains

Off big early on Lehman, worries, Dow finishes session up 164.79
By Nick McMaster,  Newser Staff
Posted Sep 11, 2008 3:39 PM CDT
Late Reversal Leads to Gains
Merrill Lynch shares were off big as investors continued to worry about companies with big stakes in risky mortgages.   (AP Photo)

The markets saw gains late in the day today despite large losses in the financial sector, MarketWatch reports. Lehman Brothers fell another 41.9% as traders deemed its survival plan ineffective. But falling oil boosted industrial and transport shares, and the Dow closed up 164.79 at 11,43371. The Nasdaq gained 29.52, to 2,258.22, and the S&P 500 rose 17.01 to 1,249.05.

Oil fell $1.71, continuing a recent slide that has it almost back to $100 a barrel. Fuel-intensive stocks saw gains: General Motors jumped 11.4%, construction giant Caterpillar gained 3%, and railroad operator CSX rose 10.7%. Financials were mixed as Lehman continues to flounder—Merrill Lynch closed down 16.1%, but AIG and WaMu clawed out of the red to modest gains by day’s end. (More Dow Jones stories.)

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