Dow Surges to Record High
Stocks rallied strongly on Monday, with the Dow Jones Industrial Average
closing at a record high. The rise came despite the emergence of more negative
news related to the credit and housing market.
Citigroup
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PowerRating) warned the Q3 earnings will be about 60% the same
period last year, citing the credit market as the primary cause.
Earlier in the day, UBS
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PowerRating) warned it will report its first
quarterly loss in nine years, citing similar problems.
The U.S. dollar rose against most major currencies (read
more).
Crude oil fell, along with a number of other commodities, which also pulled back.
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