Dow Jones rebounds 485 points on bargain hunting

30 September 2008 23:15  [Source: ICIS news]

HOUSTON (ICIS news)--The Dow Jones Industrial Average gained nearly 500 points on Tuesday, as buyers attempted to take advantage of bargains created by Monday’s record loss.

The Dow gained 485 points, or nearly 5%, as investor concern over the future of the US economy eased, and US lawmakers prepared to draft another version of the $700bn (€483bn) bailout bill that failed in the lower chamber of Congress on Monday.

All but one of the 30 companies that make up the elite Dow Jones Industrial Average were in positive territory on Tuesday, along with a wide swath of the chemicals industry.

Among the biggest gainers was Huntsman, which jumped 71%, or $5.25/share, to close at $12.60/share after the company won a lawsuit against Hexion Specialty Chemicals.

Alcoa gained $1.20/share, or nearly 6%, to close at $22.58/share.

Dow Chemical, meanwhile, gained 82 cents/share, or nearly 3%, to close at $31.78/share.

Shares of Johnson & Johnson gained $2.38/share, or nearly 4%, to close at $69.28/share.

Pfizer gained 79 cents/share, or more than 4%, to close at $18.44/share.

Shares of Potash Corporation of Saskatchewan gained 30 cents/share, or less than 1%, to close at $132.01/share despite downward pressure from corn prices falling on the Chicago Board of Trade.

($1 = €0.69)

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By: David Rosen
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