Dow Rises 202: Best Day of 2011

Earnings reports and Obama's praise of debt plan raise hopes
By Newser Editors and Wire Services
Posted Jul 19, 2011 3:01 PM CDT
Dow Closes Up About 200 Points
In this July 18 photo, specialist Neil Gallagher, foreground right, works at his post on the floor of the New York Stock Exchange.   (AP Photo/Richard Drew)

Strong profits and a bipartisan plan to lift the US debt limit drove a stock market rebound today. Stock indexes rose after Coca-Cola, IBM, and other companies reported rising second-quarter earnings. The three major indexes added to their gains after President Obama praised a proposal by six senators that would cut debt by $3.7 trillion over the next decade, raising hope of avoiding a default. The Dow climbed 202 points to 12,587, the NASDAQ rose 59 to 2,827, and the S&P 500 rose 21 to 1,327. It's the Dow's best day of 2011, notes MarketWatch. (More Dow Jones stories.)

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