Daddy Needs Mils
10-03-2008, 02:59 PM
Yup Folks,
The "Hurry Up and Pass it Before The Stupids Can See What's in it Bill" Sure did the job well.
Profit-taking hits stocks as the House approves the $700 billion financial bailout. September job losses are the worst in 5 years. Citigroup will sue after Wachovia dumps it for a Wells Fargo merger. Apple falls, then recovers on more rumors about Steve Jobs' health.
The House of Representatives approved a rescue plan for the nation's financial system, but an early stock-market rally ahead of the vote gave way as the day wore on, leaving the market to wobble in and out of the red as many traders sold on the news.
The plan allows the Treasury Department to buy up to $700 billion in bad assets from banks and other financial institutions. On Monday, the House had rejected a version of the bill, and stocks plunged, with the Dow Jones industrials falling 778 points, the blue-chip index's biggest one-day point loss ever.
While the Dow had been up as much as 314 points before the vote, the Dow fell back afterward and was down 63 points to 10,420 at 3:40 p.m. ET.
http://articles.moneycentral.msn.com/Investing/Dispatch/market-dispatches-100308.aspx
The "Hurry Up and Pass it Before The Stupids Can See What's in it Bill" Sure did the job well.
Profit-taking hits stocks as the House approves the $700 billion financial bailout. September job losses are the worst in 5 years. Citigroup will sue after Wachovia dumps it for a Wells Fargo merger. Apple falls, then recovers on more rumors about Steve Jobs' health.
The House of Representatives approved a rescue plan for the nation's financial system, but an early stock-market rally ahead of the vote gave way as the day wore on, leaving the market to wobble in and out of the red as many traders sold on the news.
The plan allows the Treasury Department to buy up to $700 billion in bad assets from banks and other financial institutions. On Monday, the House had rejected a version of the bill, and stocks plunged, with the Dow Jones industrials falling 778 points, the blue-chip index's biggest one-day point loss ever.
While the Dow had been up as much as 314 points before the vote, the Dow fell back afterward and was down 63 points to 10,420 at 3:40 p.m. ET.
http://articles.moneycentral.msn.com/Investing/Dispatch/market-dispatches-100308.aspx