July 7th, 2010
05:44 PM ET

Dow jumps 275 points; dollar climbs

A look at highlights from the day's business news:

Bank stocks ignite big rally

Stocks surged Wednesday, with the Dow jumping as much as 283 points, as investors came back after the recent bloodletting, spurred on by State Street's improved earnings forecast.

A stronger euro helped propel commodity shares, cooling some worries about the European debt crisis.

The Dow Jones industrial average gained 275 points, or 2.8 percent, its biggest one-day point and percentage gain since June 10.

The S&P 500 gained 32 points, or 3.1 percent for its biggest one-day point and percentage gain since May 27. The Nasdaq composite gained 65 points, or 3.1 percent, its biggest one-day point and percentage gain since May 10.

Oil rebounds 3 percent

Oil rebounded Wednesday from the one-month low hit during the previous session, soaring nearly 3 percent and breaking a six-session losing streak.

Crude oil futures for August delivery rose $2.09, or 2.9 percent, to settle at $74.07 a barrel.

The national average price for a gallon of regular unleaded gas decreased to $2.721, down 0.3 cent from the previous day's price, according to motorist
group AAA.

Crude oil recovered from its lowest level since early June and ended higher for the first time in seven sessions. The advance was supported by a weaker dollar, which fell against the euro and the pound. Crude oil, like other commodities, is priced in dollars, and a weaker greenback boosts prices.

Dollar rebounds on uncertain economic outlook

Investors sought the safety of the dollar Wednesday as worries about European
banks and the U.S. economy dragged global markets lower.

The dollar climbed 0.3 percent versus the euro to $1.2586 and rose 0.1 percent against the British pound to $1.5126.

Against the Japanese yen, the greenback was down 0.3 percent to ¥87.25.
and U.S. stocks ended the day higher after seesawing throughout the session.

U.S. stock futures pointed to a shaky start Wednesday as global markets declined, increasing the appeal of the dollar as a safe haven.

Treasurys soften as stocks advance

Treasury prices fell Wednesday as investors flocked to more risky assets in the stock market.

The 10-year note was down 13/32 to 104-12/32 with a yield of 2.98 percent, up from 2.94 percent late Tuesday. Bond prices and yields move in opposite directions.

The two-year note eased 1/32 to 100 and a yield of 0.63 percent, while the five-year note lost 3/32 to 100-14/32 and yielded 1.78 percent.

The 30-year bond fell 1-7/32 to 107-8/32 and its yield was 3.95 percent.

With no major economic reports to set the tone, investors appeared to focus on stocks, which rallied amid optimism about corporate profits, particularly in the
banking sector. In addition, a stronger euro helped ease some concerns about the debt crisis in Europe and boosted commodity prices.

CNNMoney.com reporters Alexandra Twin, Hibah Yousuf, Blake Ellis and Ben Rooney contributed to this report.

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Filed under: Economy
soundoff (11 Responses)
  1. BreakingNewsBlog.us

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    journalists and journals STILL want and publish scoops?????
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    AMAZING SCOOP: see the new update of my article with the VIDEO, the REAL image, the model (GXP 2500) the link to the manufacturer's website and the detailed dimensions and specs of the giant idraulic SHEARS used by BP to CUT the 21" strong oil riser "like a piece of butter" and that (with an EASY and QUICK modification) would allowed BP to STOP the oil spill from the EARLY DAYS of May!!!
    .
    ghostnasa.com/posts2/070oilspillsolution.html
    .
    .

    July 7, 2010 at 9:12 pm | Report abuse |
  2. Frodo Baggins

    Why is no news channel talking about the Iranian offer to help stop the leak?

    Just because they are under sanctions for whatever reasons sponsored by the US goverment does not mean they are barred to even help on matters that are now beyond the capacity of US government or BP.

    This is a Global Disaster. Stop being cynical about the Iranians and take their help. They are experts in this subject whether or not the US government agrees. Let political ego not compromise the interest of the ordinary Americans and the humanity at large.

    By refusing or rather not even acknowledging the help offered by Iran, the crisis is not going to be resolved anyways. It’s only worsening by the hour.

    The help offer by Iran is so strictly censored by the government that not even the so-called free press/media is talking about it.

    For more information Visit http://www.presstv.ir

    or simply search Google/Yahoo/bing for more on this help offer from IRAN.

    Share this information with as many people as you may

    July 8, 2010 at 1:33 am | Report abuse |
  3. Samwise Gamjee

    Agreed. Let the specialists deal with the problem. In this case, the Iranians are the specialist, believe it or not. But we simply choose to overlook and ignore their offer to help bcoz they are under sanctions for nukes sponsored by US government.
    Lets leave behind ego and political machoism for once and accept their offer to help.
    Lets see if Ahmedinejad is sincere about this help offer and if the Iranians can really do the job they claim to have the expertise for.

    Obama and Hillary, you have failed. Now let the sense prevail and accept international assistance. God help America

    July 8, 2010 at 1:38 am | Report abuse |
  4. Eragon Arethron

    This is really strange. US can welcome Netanyahu who only wants to take from America viz. money, security guarantees, technology, defense equipment, charity etc. but is estranged with Ahmedinejad who wants to give help and expertise to stop this spill that has turned into an environmental disaster threatening global ecology.

    May good sense prevail and US accept the help offer from Iran.

    July 8, 2010 at 1:40 am | Report abuse |
  5. Gandalf

    US is so obsessed with Israel that it can see nothing beyond. Not even nations who want an opportunity to be friends of America.
    That be the case, Iran does not get any audience with the US government, media and planners.
    Otherwise, no wise government or nation would refuse Iranian help in containing this oil spill disaster.

    Iranians are willing to help. Are Americans willing to be friends?

    July 8, 2010 at 1:43 am | Report abuse |
  6. Legolas

    I really don't see no reason why US should not take help from IRAN.
    Both BP and US government are buying time in hope that the well would eventually run dry. The whole crap about drilling of relief well is a big lie. By the time it is dug, twice the amount of oil would have leaked into the gulf as compared to today.

    US does not have any know-how to stop this spill, so why not let those deal with this mess who really have the capacity and expertise to handle such catastrophe.

    Mr. President, if u're listening, pls wake up and ring up the Iranian President. Let their offer to help not go in vain.

    July 8, 2010 at 1:45 am | Report abuse |
  7. Boromir

    Look up http://www.presstv.ir
    Iranians are offering to help. They claim to have expertise with regard to this crisis. What's the harm in taking their help since Bp and US government has failed to resolve this problem in two months now and there is no definite solution in sight yet. Give Iranians a chance to help. This is no longer a US problem. It is an environmental disaster threatening entire world now. look at the greater good and not petty politics.

    July 8, 2010 at 1:48 am | Report abuse |
  8. Bilbo Baggins

    IRAN most certainly has the skills required for this kind of operation. Truly, we are too obsessed with Israel, blinded and drugged, so as not to distinguish between friends and foes.

    Let the Heavens above and Earth below shower their blessings on us so that we may rid ourselves of Zionist thoughts and feelings.

    Go ahead Mr. Obama and take help from Mr. Ahmedinejad before the oil reaches the shores of Manhattan.

    July 8, 2010 at 2:15 am | Report abuse |
  9. Soromon

    IRAN offering help to stop the oil leak. These guys have the real skills and expertise for this job.

    For more information Visit http://www.presstv.ir

    or simply search Google / Yahoo / Bing for more on this help offer from Iran.

    share this information with as many people as you may.

    Wake up Mr. President. Reach out to Dr. Ahmedinejad

    July 8, 2010 at 2:45 am | Report abuse |
  10. mother nature

    This is a Global Disaster. Stop being cynical about the Iranians and take their help. They are experts in this subject whether or not the US government agrees. Let political ego not compromise the interest of the ordinary Americans and the humanity at large.

    By refusing or rather not even acknowledging the help offered by Iran, the crisis is not going to be resolved anyways. It’s only worsening by the hour. The relief well and dispersents and etc etc are all lies. Neither US government nor BP knows wat to do about the leak. Eventually Mr. Prseident may decide to nuke the well. But that's even worse than the leak. The Gulf coast and its ecology would change for the next 10000 yrs if nuked. If the oil spill reached the northern parts of the Atlantic, it could disrupt the flow of ocean currents thereby adding to the global warming effects viz. El Nino, hurricanes etc.
    If the well is nuked, it will destry all ocean life in the gulf of mexico. So, the only logical way out is to take foreign help from nations that have the necessary skill, be it the enemy, for the greater good of humanity.

    The help offer by Iran is so strictly censored by the government that not even the so-called free press/media is talking about it.

    For more information Visit http://www.presstv.ir

    July 8, 2010 at 7:49 am | Report abuse |
  11. monkey

    The only thing Iran should be used for is target practice.

    July 8, 2010 at 1:12 pm | Report abuse |