Virginia stocks rally along with Dow’s surge
- October 28, 2008
Virginia’s major stocks showed a strong rebound Tuesday as the Dow Jones Industrial Average soared 900 points.
Stocks surged despite news that consumer confidence had reached a new low. Stocks bounced on investors’ hope for an interest rate cut from the Federal Reserve on Wednesday, and as bargain hunters bought up low-priced stocks.
Most of Virginia’s major stocks saw gains on Tuesday. The state’s biggest gains came from Richmond insurer Genworth Financial, whose stock rose 24.6 percent, credit card and banking company Capital One Financial Corp., which rose 16.3 percent, and Reston wireless telecommunications company NII Holdings, which rose 17.8 percent.
Genworth Financial’s stock has fallen amid recent market turmoil. Less than two months ago, shares of Genworth were trading for more than $14 per share. Tuesday it closed at $5.32. Capital One Financial Corp. was also boosted Tuesday by its announcement this week of participation in the government’s stock investment plan. The McLean company will sell $3.55 billion worth of preferred stock and warrants to the government under the plan.
Here is how some of Virginia’s largest companies closed Tuesday:
Altria, up $1.07, $19.53
General Dynamics, up $6.13, $58.40
Dominion Resources, up $3.14, $37.12
Smithfield Foods, down $1.30, $9.49
AES, up 76 cents, $7.85
Circuit City Stores, down 1 cent, 27 cents
Capital One Financial Corp, up $5.60, $40
Genworth Financial, up $1.05, $5.32
Norfolk Southern, up $5, $57.33
CarMax, up 68 cents, $9.97
Gannett Co., up $1.09, $10.22
MeadWestvaco, up 54 cents, $13.59
Owens & Minor, up $2.15, $39.27
NVR, up $9.47, $489.47
Advance Auto Parts, up $2.28, $26.45