Tuesday, April 18, 2006
What a day! Stocks up nearly 2%
Dow closes nearly 2 percent higher
Tuesday April 18, 6:13
PM EDT
By Caroline Valetkevitch
NEW YORK (Reuters) - The three major U.S. stock indexes posted their best gains in a year on Tuesday, driven by a surge in energy shares after oil prices hit a record high and as the Fed eased concerns about rising interest rates.
Minutes released in the early afternoon from the Federal Reserve's most recent policy-setting meeting extended stocks' early gains and gave the rally more momentum as they reaffirmed views that the central bank is nearly done with raising interest rates.
Solid earnings from companies, including Merrill Lynch & Co. Inc. (MER), contributed to the market's upward swing.
Oil prices hit a new all-time high above $71 a barrel as anxiety mounted that Iran's nuclear standoff with the West could cut oil exports from the world's fourth-largest crude exporter. Shares of major energy companies like Exxon Mobil Corp. (XOM) surged.
http://finance.myway.com/ht/nw/bus/20060418/hlm_bus-n13178506.html
