Market ends higher on Lehman's rally, lower oil

22/08/2008 - 21:20

NEW YORK (Reuters) - Stocks rose on Friday as hopes that Lehman Brothers may attract a major investor boosted financial stocks while a plunge in oil prices soothed worries about inflation and consumer spending.

Based on the latest available data, The Dow Jones industrial average <.DJI> was up 196.79 points, or 1.72 percent, to end unofficially at 11,627.00. The Standard & Poor's 500 Index <.SPX> was up 14.45 points, or 1.13 percent, to finish unofficially at 1,292.18. The Nasdaq Composite Index <.IXIC> was up 34.33 points, or 1.44 percent, to close unofficially at 2,414.71.

For the week, the Dow unofficially ended down 0.3 percent, while the S&P 500 slipped 0.5 percent and the Nasdaq fell 1.5 percent.

(Reporting by Kristina Cooke; Editing by Jan Paschal)

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