Wall St surges in late trade; Dow up 207 pts

CNBC’s Margaret Brennan - The markets surged in the last hour of the trading day with the Dow ending up 207 points. What put life into stocks, bargain hunting and up beat comments from MBIA. That bond ensurer is trying to offset worries about Q4 losses saying it doesn’t believe its AAA debt rating is in jeopardy. That also jumpstarted financials, Lehman brothers gained 2%, Bank of America up more than 4.5%.
 
The world’s biggest consumer products company, Procter & Gamble reported a modest slowdown in the US market growth rates but still posted higher than expected earnings and announced a spin off of coffee division, Folgers. Shares of that company ended up fractionally, while competitor Colgate shares rose 4% after earnings beat the street by around 2 pennies.
 
Bargain hunting breed life into retailers, Wal-Mart and Home Depot which have been rallying of late and saw a continued gain of around 3% on today’s session.
 
The NASDAQ saw a 41points gain, thanks to shares of Amazon, which gained the news of the Q4 income more than double and that they are acquiring audible.com for around USD 300 million. Google shares rallied 3% ahead of its earnings news but the stock is getting hammered after hours following a word that net revenue came in at USD 3.4 billion, which is below the expected USD 3.5 billion.  
 
Wall Street Action

• US mkts surge in last hour, Dow up 207 pts
• Bargain hunting seen
  Upbeat comments from MBIA jumpstart financials
• Lehman Bros, Bank of America gain
• Modest slowdown reported by Proctor & Gamble         
• ASDAQ up 41 pts; Google rises ahead of earnings