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WALL ST. WHIPLASH

By
Kaja Whitehouse
Published Aug. 9, 2008, 7:54 a.m. ET

Stocks charged their way to a 300-point gain yesterday, egged on by a strong comeback by the dollar and a drop in oil prices.

The Dow Jones industrial average jumped 302.89 points, or 2.7 percent, to close at 11,734.32, a day after sliding 225 points Thursday. The S&P 500 gained 30.25 points, or 2.4 percent, to close at 1,296.32.

Yesterday’s bull session, which pushed the Dow up 3.6 percent for the week, gave Wall Street traders and investors a spark of hope that things may finally be turning around.

Wall Street appeared to benefit from the good luck that Chinese numerology says comes when the calendar reads 08/08/08.

That luck came in the form of oil, which fell to $115.20 a barrel yesterday and eased the market’s stress over out-of-control inflation and depressed consumer spending. Oil on July 11 reached an all-time closing high at $147.27.

“There’s the realization that, hey, we’ve gone from $148 to $115 [a barrel] – maybe this is for real this time,” said Liz Ann Sonders, chief investment strategist at Charles Schwab & Co., who added that the volatility could continue even if the market is nearing a bottom.

Rising oil prices had been a drag on the economy, sending stocks lower and forcing consumers to pull back on even basic purchases as gas prices soared past $4 a gallon.

Oil had been rising in part because of increased demand from growing overseas economies such as China and India. Speculators are also being blamed for driving up prices.

Lower oil prices improve the outlook for profits as it helps cut costs at companies sensitive to fuel prices, such as those in the retail, manufacturing and transportation sectors.

Indeed, it was those sectors that staged the largest gains yesterday.

Home Depot Inc.’s stock soared 7.7 percent to close at $26.37, while shares of McDonald’s jumped 6.2 percent to $65.67. Aircraft maker Boeing Co.’s shares rose 4.9 percent to $67.86. Shares of Avis Budget Group gained 5.8 percent to $7.43.

Even beleaguered financial stocks picked up from recent lows, with Lehman Brothers rising 5 percent, and Morgan Stanley climbing 6 percent.

Meanwhile, the dollar posted sharp gains against the euro, falling below $1.50 for the first time since February, amid warnings from European banking officials that economic growth in Europe would be weak. [email protected]