News : Business : U.S.stocks rally, then fall

U.S.stocks rally, then fall

Friday, 18-Jan-2008 12:56PM EDT
Story from United Press International. Copyright 2008 by United Press International (via ClariNet)

NEW YORK, Jan. 18 (UPI) -- The stock market rally changed directions and took a dive Friday despite U.S. President George Bush's plan for a fiscal stimulus for the sagging U.S. economy.

Also left in the dust were robust reports from blue chip companies GE and IBM.

The Dow Jones industrial average was down 65.11 points, or 0.54 percent, at 12,094.10 in early afternoon trading. The Nasdaq composite was down 10.45 points, or 0.45 percent, to 2,336.45. The Standard & Poor 500 dropped 13.71 points, or 1.03 percent, at 1,319.54.

Oil futures rose 89 cents to $91.02 a barrel.

Bonds were mixed. The 2-year note was unchanged, yielding 2.404 percent Friday.

The dollar strengthened. The euro was $1.4616 from $1.4657 late Thursday. The greenback traded at 107.10 yen from 106.68 yen late Thursday.

Overseas, Tokyo's Nikkei 225 closed up 0.57 percent at 13,861.29 and London's FTSE was up 1.3 percent at 5,978.40.

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