A Monday Roar for the Dow
The markets leap on energy profits, Bernanke remarks.
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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