Nov. 4, 2004
Associated Press
NEW YORK (AP) - The Dow gained more than 177 points Thursday - its best day in more than a year - as investors reveled in falling oil prices and the newly re-elected Bush administration's pro-business agenda.
"Obviously, we're still seeing some enthusiasm from the election," said Michael Palazzi of SG Cowen Securities.
The Dow Jones industrials rose 177.71, or 1.75 percent, to 10,314.76, adding to a 101-point gain on Wednesday. It was the index's biggest one-day point gain since Oct. 1, 2003, and its highest close since Sept. 14.
The Standard & Poor's 500 index rose 18.47 points, or 1.62 percent, to 1,161.67 - its highest closing level since March 19, 2002. The Nasdaq composite index gained 19.30, or 0.96 percent, to 2,023.63, its highest close since June 30.
Oil prices fell below the $49-per-barrel mark, giving investors hope that crude could be stablizing after climbing steadily through October.
"Oil is a huge part of this rally," Palazzi said.
The Dow has posted gains in seven of the last eight sessions.
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