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Date: Friday 22 Aug 2008

LONDON (ShareCast) - US stocks surged ahead in early deals on Friday as oil retreated from yesterday’s highs while investors speculated that troubled investment bank Lehman Brothers could be sold.

Oil prices have eased having risen by over $5 a barrel yesterday. Crude prices are down $2.45 to 118.73 a barrel.

Lehman Brothers has rallied on reports that Korea development Bank is considering making an offer for the investment bank.

Across the markets, the Dow Jones has surged 176 points to 11,606 with the Nasdaq up 28 points to 2408. The S&P 500 jumped 13 points.

Fed chairman Ben Bernanke spoke at the Kansas City Fed’s annual economic symposium and said the financial crisis and high inflation are dragging on the economy.

In other company news, clothes retailer Gap said late Thursday that profits in the last quarter rose 51% versus the same period last year.

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