US Stock market rallys on revised Bear Stearns deal
"I'm not sure that the fundamental economics are still turned enough and that we went down enough in a lot of cases to have this be the real bottom. It may be the one of many bottoms."
Beyond the banks and housing, a report from Tiffany & Co. helped assuage some concerns about the health of high-end consumers. The jeweler said loans it made to a diamond company weighed on its fourth-quarter profit, but that earnings excluding items were in line with Wall Street's expectations. Tiffany jumped $4.05, or 10.5 percent, to $42.65.
Advancing issues outnumbered decliners by about 4 to 1 on the New York Stock Exchange, where consolidated volume came to 4.37 billion shares, down from 6.12 billion on Friday. Many traders took the day off as part of an extended weekend.
Overseas, Japan's Nikkei stock average closed down 0.02 percent. Markets in Europe and in Hong Kong were closed for Easter Monday.
- 1 HK typhoon alert No.1 issued
- 2 HSBC reports 1H fall in profit 29 percent
- 3 Bryant scores 19, helps US beat Russia in tuneup
- 4 Actor Morgan Freeman is injured in car accident
- 5 Jolie-Pitt baby twins photos online
- 6 Christina Applegate treated for breast cancer
- 7 Paris Hilton's mom takes offense at McCain's humor
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- 1 Financials drag on market; Dow falls more than 240
- 2 Hong Kong stocks down 1178 points
- 3 Asian markets plunge; Nikkei sinks nearly 10 pct
- 4 Snowballing sell-off drives Dow down 679 points
- 5 World markets caught in Wall Street downdraft
- 6 Rate cut loosens credit only at the margins
- 7 Hong Kong stocks rebound on rate cuts
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