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Dow climbs 248 points to 8,943.81, but broader benchmarks lose about 4% for week
Published on Saturday, Nov 08, 2008
Associated Press
NEW YORK: Buyers returned to Wall Street Friday after two days of heavy losses, mindful of the economy's growing problems but attracted by stocks' lower prices. Analysts said the advance was to be expected as Wall Street experiences a rocky recovery from October's devastating selling.
The major indexes jumped more than 2 percent, including the Dow Jones industrial average, which rose 248.02 points, or 2.85 percent, to 8,943.81.
For the week, the Dow and broader benchmarks like the Standard & Poor's 500 index lost about 4 percent after surging 10 percent or more last week.
The market briefly came off its highest levels of the session after President-elect Obama reiterated at a news conference that there is a great deal of hard work to be done to restore the economy to health. Investors had optimistically sent prices higher, only to temporarily pull back when Obama underscored what they already know: that the economy's problems won't be easily solved.
Friday's economic and corporate news reminded the market that the country could be in for a deep and protracted recession.
The Labor Department said the nation's employers cut 240,000 jobs in October, hurtling the U.S. unemployment rate to a 14-year high of 6.5 percent.
Meanwhile, Ford Motor Co. reported a $129 million third-quarter loss and General Motors said it lost $2.5 billion.
Investors were drawn by prices beaten down the past two sessions and some relief that the reports weren't more grim.
''We're coming off a very oversold market that had already braced itself for bad news out of Detroit and certainly bad economic data in terms of the labor report,'' said Peter Cardillo, chief market economist at Avalon Partners.
The market is following the pattern of volatility that analysts warned about. For the week, the Dow fell 4.1 percent, the S&P 500 index lost 3.9 percent, the Nasdaq slid 4.3 percent.
Oil futures rose 27 cents to $61.04 a barrel.
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