The New York Times-20080127-A Small Gain in a Tumultuous Week

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A Small Gain in a Tumultuous Week

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After the Federal Reserve made an unscheduled interest-rate cut of three-quarters of a percentage point, the broad stock market rallied, eking out a modest gain for the week.

A tentative agreement between President Bush and Congress on a $150 billion fiscal stimulus package helped to send stocks higher. And at its next regular meeting on Wednesday, the Fed is expected to cut rates again. Still, on Friday, the market gave up some ground, led by financial shares, which continued to be buffeted by concerns about the possibility of further write-downs.

The most spectacular losses for the week were those of Societe Generale, which said an employee had made $7.2 billion in fraudulent trades.

For the week, the Dow Jones industrial average gained 107.87 points, or 0.89 percent, to close at 12,207.17. The Standard & Poor's 500-stock index rose 5.42 points, or 0.41 percent, to close at 1,330.61. The Nasdaq composite index declined 13.82 points, or 0.59 percent, to close at 2,326.20.

The yield on the 10-year Treasury note fell to 3.56 percent from 3.63 percent the previous week.