Dow Jumps 1.3 Pet oil Rate News: Average Closes Up 38 Points as It Nears June Record Level
NEW YORK, Aug. 6ÛÓStock prices scored their biggest gains in more than a month today, with some closely watched indexes at record highs after the Federal Reserve cut interest rates to stimulate the economic recovery.</br></br>The Dow Jones industrial average rose 38.24 points, or 1.3 percent, to end at 3027.28. It was the biggest Û¢ Tin since the Dow jumped 51.66 points on July 1, and it put the 30-share index less than nine points away from its record close of 3035.33, set in June.</br></br>The NYSE composite index of all listed common stocks rose 2.72 points to a record 213.71, surpassing the old record of 213.21, set April 17. The Standard & PoorÛªs composite index of 500 stocks added 5.56 to 390.62, compared with its April 17 record of</br></br>After rising sharply in the first quarter, stock prices were mired in a tight range for months as investors awaited convincing evidence that the economy is on the mend.</br></br>The Fed responded by easing its grip on credit, pushing interest rates lower for the first time since late April.