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Madoff Verdict

Madoff Verdict

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ROAD TO RESCUETaxpayers to have say on AIGNY to launch mortgage probeRising oil prices boost stocksHere comes the second halfIs stimulus creating jobs? Yes but ...Quick VoteDid Bernard Madoff receive a fair sentence?YesIt was too harshNo penalty is severe enough or View resultsFortune 40: The best stocks to retire on After a bleak 2008, equities are looking up.

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MoreNEW YORK�(CNNMoney.com) -- A rally in oil prices and oil stocks helped propel Wall Street on Monday, as investors scooped up a variety of shares hit in the recent retreat at the start of a holiday-shortened trading week.Also in focus was Bernard Madoff, who was sentenced to the maximum 150 years in prison for orchestrating the biggest Ponzi scheme in modern history.The Dow Jones industrial average (INDU) added 70 points, or 0.8%, with 90 minutes left in the session.

The S&P 500 (SPX) index gained 8 points, or 0.9%, and the Nasdaq (COMP) added 13 points, or 0.7%.All financial markets are closed Friday for the Independence Day holiday weekend.

Ahead of that, a slew of economic reports are due, including readings on housing, manufacturing and the labor market.Stocks are likely to be volatile this week due to the confluence of the holiday, the heavy spate of economic news and the quarter end, said Brian Battle, vice president at Performance Trust Capital Partners."Trading will be thinner than usual, particularly toward the end of the week, with a lot of guys taking off early ahead of the holiday," Battle said.

"It's going to be very whippy and we shouldn't pay too much attention to 100-point swings." Stocks could benefit Monday and Tuesday from some end-of-quarter machinations as market pros look to "window dress" their portfolios before closing the books.

Generally, that impact is positive as money managers look to add the quarter's big winners to their portfolios.

Regarding the Madoff verdict, Battle said that Wall Street will be relieved that he got the maximum.

But he said there may be concern that the scandal will mean increased government regulation of money management.The Dow and S&P 500 have closed lower for the last two weeks as a more than 3-month rally has lost steam.

The S&P 500 had surged more than 40% on bets that the economy is close to stabilizing.

But worries that stocks have risen too far, too fast have dragged on sentiment lately.The Nasdaq inched higher last week after falling the week before.

On the move: Of the 30 Dow issues, 24 rose, led by oil components Chevron (CVX, Fortune 500) and Exxon Mobil (XOM, Fortune 500), as well as Boeing (BA, Fortune 500) and United Technologies (UTX, Fortune 500).

Climbing oil prices gave a boost to other energy shares, while Microsoft (MSFT, Fortune 500), Hewlett-Packard (HPQ, Fortune 500) and Intel (INTC, Fortune 500) paced technology gains.

Apple (AAPL, Fortune 500) CEO and co-founder Steve Jobs is back on the job after a nearly 6-month medical leave, the company said Monday.

Jobs is reportedly in the office a few days a week and working from home the other days.Enterprise Products Partners (EPD) is buying fellow energy company Teppco Partners (TPP) in a $3.3 billion deal that creates the largest U.S.

publicly traded energy partnership.Watson Wyatt Worldwide (WW) will merge with fellow consulting firm Towers Perrin in an all-stock deal valued at $3.5 billion.

The combined company will be called Towers Watson.Market breadth was mixed.

On the New York Stock Exchange, winners topped losers three to two on volume of 580 million shares.

On the Nasdaq, advancers and decliners were narrowly mixed on volume of 1.4 billion shares.Bonds: Treasury prices rallied, with the yield on the benchmark 10-year note falling to 3.48% from 3.54% Friday.

Treasury prices and yields move in opposite directions.Other markets: In global trade, Asian markets ended lower and European markets ended higher.U.S.

light crude oil for August delivery rose $2.33 to $71.49 a barrel on the New York Mercantile Exchange.

COMEX gold for August delivery fell 30 cents to $940.70 an ounce.In currency trading, the dollar fell versus the euro and gained against the yen.�First Published: June 29, 2009: 9:42 AM ETMadoff's day of reckoningInvestors brace for second half of '0910 best stocks for 2009Prison survival tips for Madoff14 best quality new cars: Yaris to 350ZThirtysomethings poised to give housing a popWhere are the jobs? North DakotaThe 2009 Fortune 500The Great Recession50 years of profit swings

http://money.cnn.com/2009/06/29/markets/markets_newyork/?postversion=2009062914
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