Dow Closes Up 18, Nasdaq Up 12

By staff-author

August 28, 2006

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Wall Street advanced for a second straight session Tuesday after minutes from the latest Federal Reserve meeting failed to produce any bombshells about the economy, and oil prices dropped below $70 per barrel, the Associated Press reports. Stocks recovered from earlier losses triggered by disappointment over the Conference Board’s consumer confidence index, which slipped further than expected and raised the possibility that the economy may be moderating faster than hoped.

According to preliminary calculations, the Standard & Poor’s 500 index advanced 2.50, or 0.19 percent, to a three-month high of 1,304.28. Other stock indicators were higher. The Dow Jones industrial average was up 17.93, or 0.16 percent, to 11,369.94, and the Nasdaq composite index rose 11.60, or 0.54 percent, to 2,172.30.

Read the full Associated Press story

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Today’s Winners & Losers

Reliance Steel & Aluminum Co. gained 10.5 percent and closed at $33.31 after being bumped to a “buy” rating buy Goldman Sachs. Salem Communications Corp. also gained 8.6 percent to close at $11.13.

Indymac Bancorp lost 4.2 percent to close at $38.73 while Virco Manufacturing Corp. lost 3.8 percent to close at $4.55 a share.

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