Updated at 10:59 a.m., Wednesday, August 22, 2007
Stocks end up after increase in borrowing by banks
Associated Press
Stocks moved sharply higher Wednesday following a pullback in the Treasury market and an increase in borrowing by banks. The moves gave investors reason for optimism that the Federal Reserve's efforts to sooth the credit markets might be working.
The Dow Jones industrial average rose 145.27, or 1.11 percent, to 13,236.13.
The Standard & Poor's 500 index rose 16.95, or 1.17 percent, to 1,464.07.
The Nasdaq composite index rose 31.50, or 1.25 percent, to 2,552.80.
For the week:
The Dow is up 157.05, or 1.20 percent.
The S&P is up 18.13, or 1.25 percent.
The Nasdaq is up 47.77, or 1.91 percent.
For the year:
The Dow is up 772.98, or 6.20 percent.
The S&P is up 45.77, or 3.23 percent.
The Nasdaq is up 137.51, or 5.69 percent.
