8/22 Market Enjoys Big Gain as Oil Drops

The Dow closed up 197.85 at 11,628.06; the S&P 500 closed at 1292.20 up 14.48 and NASDAQ was up 34.33 to close at 2414.71. Oil dropped 6.59 to $114.59 per barrel. For the week the Dow was down 31 points or .3% while NASDAQ was down 1.5% and the S&P was down .5%. The 10 year Treasury Note was down .34 at 101.03 yielding 3.87%. The U.S. Dollar was up slightly against the Euro and a dollar would buy .67670 per Euro and one Euro will buy $1.47776 US. The financial sector and the tech sectors both had good days with the energy sector being today's laggard. Volume was light today, less than 900,000 shares were traded on the NYSE. Lehman Brothers (LEH 14.41 up .69) was up on news that the Korea Development Bank may buy it. Drop in airline helped airline stocks.Have a great weekend from Atlanta.