Dow Rises 270 on Late Rally

By Nick McMaster,  Newser Staff
Posted Dec 2, 2008 3:24 PM CST
Dow Rises 270 on Late Rally
Trader Robert Fava, left, works with specialist Damen Watson on the floor of the New York Stock Exchange, Tuesday Dec. 2, 2008.   (AP Photo/Richard Drew)

Stocks rallied late in the session today, buoyed by rounds of bargain hunting following yesterday’s deep sell-off, the Wall Street Journal reports. GE rose 14%, despite lowering its forecast, on news that it will still pay a $1.24-per-share dividend next year. The Dow rose 270 points to close at 8,419. The Nasdaq gained 51.73 points, closing at 1,450, and the S&P 500 rose 32.60 points to settle at 849.

Ford and GM announced grisly drops in monthly sales but managed to gain 6.6% and 4.3%, respectively, as the chief executives of the firms submitted new bailout proposals to Congress. Sears led retailers higher, gaining 12% after reporting a 9% third-quarter sales loss but $500 million stock buyback.
(More Dow Jones stories.)

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