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A Monday Roar for the Dow
The Dow leapt 413.21 points to close at 9,265.43, on strong profits from Halliburton and Fed chief Bernanke's thumbs-up to an economic stimulus package. Exxon Mobil and NRG Energy also gained ground. "You've got significant rebound capability on these stocks," Wayne Wilbanks, chief investment officer at Wilbanks Smith & Thomas, told Bloomberg News of energy shares. "They took the brunt of the forced hedge-fund selling. There's no other way to explain Halliburton going from $33 to $16 in three weeks." Bernanke told the House Budget Committee a second stimulus plan was "appropriate," provided it was "well-targeted" and improved access to credit for consumers, homebuyers, and businesses. Also adding to the good news: The Conference Board's index of leading economic indicators rose unexpectedly in September. A South Korean bailout and a Dutch infusion of capital for ING pushed Asian and European stock indexes higher, as well.
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