Jim Chesko reporting for WWL First Business News...
Stocks rebounded today, finishing with sharp gains. The Dow Industrials recouped 237 points, the Nasdaq Composite jumped 102 points, or 1.3%, and the S&P 500 rose 31.
Better-than-expected quarterly earnings and comparable-store sales sent shares of arts-and-crafts retailer Michael’s rallying nearly 12%.
Oil futures posted sharp gains today, fueled by the stock market’s strong advance and weakness in the dollar. October crude soared $2.32, or 4.3%, to settle at $56.26 a barrel.
Economic activity in the Atlanta region, which includes New Orleans and the surrounding area, softened slightly in July and August. That’s according to the latest Federal Reserve “beige book” for the region. It shows that many employers had persistent challenges in filling positions … real-estate sales remained below year-ago levels … and tourism activity was mixed.
