Oil price fall boosts Wall Street
Wall Street capped a volatile week with sharp gains today as oil prices tumbled and after Federal Reserve Chairman Ben Bernanke said inflation pressures are likely to moderate. The Dow Jones industrial average rose nearly 200 points.
Speculation that Lehman Brothers Holdings Inc could be sold helped buoy the financial sector and the overall market. Analysts warned this week that the investment bank could book large write-downs for bad debt. But reports that the Korea Development Bank is considering buying the company sent investors rushing for the stock. Lehman rose 69 cents, or 5%, to 14.41 but finished well off its highs of the session.
