Dow Finishes Positive: Acadiana Business Index
Wall Street rallies more than 100 points in the afternoon, on rumor that China might invest in Europe’s bailout fund. Mark Lasseigne fills you in on what's happening in the markets on today's Acadiana Business Index.
- The Dow Jones Industrial Average finished 162 points higher, to 11,869.
- The market was especially jittery amid a stream of headlines out of the European Union summit. The summit did not produce the promised comprehensive plan, although German lawmakers approved leveraging the bailout fund. Reports suggested the size of the bailout may not be clear for several weeks.
- In economic news, orders for durable goods decreased in September. Separately, new-home sales rose from August, the first gain in five months, though prices continued dropping.
- In corporate news, Sprint Nextel tumbled 7%, even as the telecommunications company reported a narrower-than-expected third-quarter loss. Ford fell 4 ½ % after reporting earnings that fell short of forecasts.
- Oil futures pulled back after the U.S. government reported a bigger-than-expected increase in oil stockpiles. The news undercut fears of supply shortages, which had pushed the market up 8% in the previous three sessions. Crude oil closing at $90.20 a barrel.
- And Gold closed higher at $1,723 an ounce.