October 9, 2007

CUTTING OUR WAY INTO THE ELECTION:

Fed Minutes Spark Late Rally, Record Close (Reuters, October 09, 2007)

The Dow and S&P 500 jumped to close at records on Tuesday after minutes from the Federal Reserve's last meeting showed inflation expectations were contained, leaving open the question of whether another rate cut is near.

The Dow Jones industrial average climbed 120.80 points, or 0.86 percent, to end at 14,164.53 -- a record. The Standard & Poor's 500 Index nded up 12.57 points, or 0.81 percent, at a record 1,565.15. The Nasdaq Composite Index finished up 16.54 points, or 0.59 percent, at 2,803.91.

During the session, the Dow reached an intraday record high of 14,166.97 and the S&P hit and all-time high of 1,565.26. The Nasdaq climbed to 2,806.41, its highest level since January 2001.

Posted by Orrin Judd at October 9, 2007 5:42 PM
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