Big rebound on Wall Street

July 29, 2008 2:15:46 PM PDT
The stock market made up all it lost yesterday and then some. It was helped by falling oil prices and a rebound in Merrill Lynch shares.

The Dow surged 266 points to 11,397. It had declined nearly 240 points just yesterday.

The S&P rose nearly 29 points to 1,263.

And the Nasdaq composite gained 55 points to 2,319.

Advancing issues topped decliners by a 3 to 1 margin.

NYSE volume was 5 billion shares. The Nasdaq stock market saw trading of 2.2 billion shares.

Crude oil prices sank $2.54 to $122.19 a barrel on the New York Mercantile Exchange, extending a retreat from record highs above $147.

(Copyright 2008 by The Associated Press. All Rights Reserved.) AP-NY-07-29-08 1615EDT