Wall Street rises despite downbeat economic news
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Associated Press
Published: February 26, 2008
NEW YORK (AP) - Stocks gained ground despite downbeat economic news. Reports involving home prices, inflation and consumer confidence all painted a discouraging picture.
The market found some traction when IBM announced a 15 billion dollar stock buyback.
The Dow surged 114 points to 12,684.
The S&P 500 rose 9 points to 1,381. And the Nasdaq composite gained 17 points to 2,344.
Advancing issues outnumbered decliners on the New York exchange by a more than 2-to-1 margin. Volume was more than 3.9 billion shares.
Nasdaq stock market volume topped 2.2 billion shares.
Crude oil futures also rose. Light, sweet crude for April delivery jumped $1.65 to settle at $100.88 a barrel on the New York Mercantile Exchange.
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