Stocks Surge Into the Close
11/06/07 - 05:10 PM EST
TSC Staff
Updated from 4:16 p.m. EST
Stocks in the U.S. ended at their session highs Tuesday as a late afternoon rally sent the major averages into the close on an up note. The Dow Jones Industrial Average rose 117.54 points, or 0.9%, to 13,660.94, and the S&P 500 was up 18.10 points, or 1.2%, at 1520.27. The Nasdaq gained 30 points, or 1.1%, to 2825.18. Commodities had a banner day, with crude oil surging $2.72 to $96.70 a barrel, and gold jumping $12.60 at $823.40 an ounce, putting it near its 1980 all-time closing high. Shares of energy companies and miners were lifted by the action. The Philadelphia Gold and Silver Sector Index gained 3.5%, and the Amex Gold Bugs Index popped 4.4%, putting both among the best-performing subgroups of the day. Big winners in terms of individual stocks were Newmont Mining (NEM Quote - Cramer on NEM - Stock Picks), up 4.1%, and Kinross Gold (KGC Quote - Cramer on KGC - Stock Picks), higher by 2.7%. Coeur d'Alene (CDE Quote - Cramer on CDE - Stock Picks) was stronger by 13.5%. On the energy side, the Amex Oil Index advanced 2.8%, led by a 4.8% rise in Valero Energy (VLO Quote - Cramer on VLO - Stock Picks) and a 7.1% move up in Hess (HES Quote - Cramer on HES - Stock Picks). Valero's increase came after it said shrinking refining margins pushed its third-quarter operating income down to $1.2 billion from $2.3 billion in the same period last year. Valero's adjusted profits, however, topped analysts' lowered estimates. Elsewhere, mortgage lender IndyMac Bancorp (IMB Quote - Cramer on IMB - Stock Picks) reported a loss of $202.7 million, or $2.77 a share, for the third quarter, reversing last year's profit.
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