U.S. stock investors cheer Federal Reserve move

U.S. stocks on Tuesday blasted higher in a Federal Reserve-fueled frenzy that had the S&P 500 and Nasdaq Composite climbing the most in more than five years, and the Dow scoring its fourth-biggest point jump ever.
After recent triple-digit declines, the Dow Jones Industrial Average surged 416.66 points, or 3.6%, to 12,156.81, its largest percentage climb since March 2003.
The rally, which gained steam throughout the day, took off at the opening bell, with investors fired up after the Federal Reserve said it would loan as much as $200 billion in securities in a bid to boost liquidity in the financial system.
"I think the Fed finally gets it," said Tom DiGaloma, head of Treasury trading at Jefferies & Co. Inc. See The Fed.
Of the Dow's 30 components, just one -- Boeing Co. (BA:Boeing Co.
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Last: 73.40-0.98-1.32%

4:02pm 03/11/2008

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BA 73.40, -0.98, -1.3%) -- ended in the red, closing down 1.3%.
The embattled financial sector was especially buoyed by the central bank's plan to offer loans through auctions and boost swap lines with foreign central banks, with Citigroup Inc. (C:Citigroup, Inc
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Last: 21.49+1.80+9.14%

4:01pm 03/11/2008

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C 21.49, +1.80, +9.1%) fronting the blue-chip's gains, its stock rising more than 9%.
Housing-related stocks also rallied, with Fannie Mae (FNM:Fannie Mae
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Last: 22.00+2.19+11.06%

4:01pm 03/11/2008

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FNM 22.00, +2.19, +11.1%) up 11.1% and Freddie Mac (FRE:Freddie Mac
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Last: 20.16+2.77+15.93%

4:01pm 03/11/2008

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FRE 20.16, +2.77, +15.9%) gaining 15.9% a day after dropping on speculation the government might bail out Fannie Mae.
The S&P 500 ($SPX:S&P 500 Index
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Last: 1,320.65+47.28+3.71%

4:59pm 03/11/2008

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$SPX 1,320.65, +47.28, +3.7%) advanced 47.28 points, or 3.7%, to 1,320.65 while the Nasdaq Composite (COMP:Nasdaq Composite Index
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Last: 2,255.76+86.42+3.98%

5:16pm 03/11/2008

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COMP 2,255.76, +86.42, +4.0%) added 86.42 points, or 4%, to 2,255.76. Both indexes showed the largest percentage gain since October 2002 when the market bottomed out after a long slump since the bursting of the tech bubble and the Sept. 11, 2001, terrorist attacks.
Crude moves
Exxon Mobil Corp. gained 4.2% as crude-oil futures hit another record high of $109.72 a barrel, only to drop back after the Fed move, which boosted the dollar. In recent trade, crude for April delivery was off $2.20 to $973.80 a barrel on the New York Mercantile Exchange. See Futures Movers.
The recent rise is translating into steeply higher costs for oil and gas, with consumers "paying $300 million a day more for gasoline, heating oil and diesel" than they were a month ago, according to Peter Beutel, president of Cameron Hanover