Dow soars on reports, Buffet's defense of Goldman
Investors sent stocks soaring Monday after getting a boost of confidence from the latest economic reports and Warren Buffett's defense of Goldman Sachs.
The Dow Jones industrial average rose 143 points for its biggest gain in 2 1/2 months. The Dow and broader indexes all climbed more than 1 percent.
The market rebounded from a drop Friday after a string of welcome news eased some of the concerns that have been dogging investors. Economic reports signaled that consumer spending and manufacturing are strengthening.
Meanwhile, Germany's approval of bailout funds for Greece and Buffett's vote of confidence in Goldman, whose shares he owns, helped reassure investors. Goldman has been under fire the past two weeks after regulators filed civil charges accusing the bank of fraudulent dealing in mortgage-backed securities.
The Dow rose 143.22, or 1.3 percent, to 11,151.83, its biggest point and percentage gain since Feb. 16. It was the fourth largest increase of the year.
The broader Standard & Poor's 500 index rose 15.58, or 1.3 percent, to 1,202.26, and the Nasdaq composite index rose 37.55, or 1.5 percent, to 2,498.74.
Bond prices fell after demand for safety holdings eased. - AP
Sarra Sounds Off, Ep. 15: LI's top basketball players On the latest episode of "Sarra Sounds Off," Newsday's Gregg Sarra and Matt Lindsay take a look top boys and girls basketball players on Long Island.
Sarra Sounds Off, Ep. 15: LI's top basketball players On the latest episode of "Sarra Sounds Off," Newsday's Gregg Sarra and Matt Lindsay take a look top boys and girls basketball players on Long Island.
