Another Late Run Lifts Stocks
08/02/07 - 04:39 PM EDT
Robert Holmes
Updated from 4:06 p.m. EDT
Stocks in the U.S. once again shook off early jitters and made a late surge in the last hour of trading to close solidly higher, mimicking the prior session. The Dow Jones Industrial Average fell near the flat line in afternoon trading, but when the closing bell rang it was ahead by 100.96 points, or 0.76%, to 13,463.33. Twenty-five of the Dow's 30 components finished in the black, led by a 3.3% increase in shares of Honeywell (HON Quote - Cramer on HON - Stock Picks). The S&P 500 rose 6.39 points, or 0.44%, to 1472.20 after spending much of the day wavering. The Nasdaq Composite added 22.11 points, or 0.87%, to 2575.98. Recent sessions have seen stocks swing back and forth between positive and negative, and in short time spans, as investors tried to get a handle on their worries about the credit market. "The bears couldn't keep the market down today," said Paul Mendelsohn, chief investment strategist with Windham Financial. "That's telling me there's institutional buying around the end of the day, and that type of rally tells you that shorts are being squeezed. We've bounced off the 200-day moving average, but now we're hitting a little resistance." About 3.99 billion shares changed hands on the New York Stock Exchange, as advancers topped decliners by a 2-to-1 margin. Volume on the Nasdaq reached 2.39 billion shares, with winners edging losers 8 to 7.
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