Energy, Techs Give Stocks a Jolt

Traders still confident that Bernanke will cut rates; GM leads upward trend
Posted Sep 4, 2007 4:25 PM CDT
Energy, Techs Give Stocks a Jolt
An equities trader monitors share prices on the floor of the New York Stock Exchange, Wednesday, Aug. 29, 2007. Stocks advanced Wednesday as investors scooped up bargains after the previous session's huge tumble. (AP Photo/John Marshall Mantel)   (Associated Press)

Tech and energy stocks led a rally at the end of today's session on Wall Street, as rumors of an interest-rate cut multiplied and traders examined indications that earnings would outpace prices in the two sectors. GM was up 6.1% as the Dow jumped 91.12 to 13448.86, but component Home Depot slowed extra gains by announcing a major buyback.

The S&P 500 was up 15.43 1489.42, and the Nasdaq added 33.88 to finish at 2630.24. Apple reached a one-month peak in advance of a major product announcement tomorrow, and Exxon reached a three-week high as crude shot up 79 cents. "Stocks are trading at bargain levels," said one executive, but volume remained low as many traders aren't back from vacation yet. (More Ben Bernanke stories.)

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