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Photograph of specialist Michael Sollitto on the floor of the New York Stock Exchange yesterday by Richard Drew/AP
The Dow Jones Industrial Average opened higher today, after the Dow, S&P 500 and Nasdaq all fell 4% yesterday. The NY Times explained this morning's activity, "Wall Street opened modestly higher Tuesday, a day after a rout in global stocks helped drive indexes down to 1996 levels."
One thing that's helping today: The Federal Reserve announced the launch of the Term Asset-Backed Securities Loan Facility (TALF), which apparently has the "potential to generate up to $1 trillion of lending for businesses and households." A trading analyst told Bloomberg News, "The government is finally starting to get a clue and address the instability in the markets, aid the banks and jumpstart lending. The banking system has been creamed and people have lost confidence, so these measures show the government becoming more sensitive to the bad asset issue." Federal Reserve Chairman Ben Bernanke will be speaking today.
Also interesting is the Wall Street Journal's graphic on the Obama administration's possible plan for a private-public partnership to deal with troubled assets.
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market will close at 6750
3500 Dow by xmas.
"The government is finally starting to get a clue and address the instability in the markets, aid the banks and jumpstart lending."
Ah, yes, it's the government who didn't have a clue during the whole housing bubble, not the banks who bought and sold sub-prime mortgages as bullshit securities to ignorant investors.
http://www.cnn.com/2009/BUSINESS/03/02/markets.whatlossbuys/index.html?eref=rss_latest
From zombie banks...to a zombie government?
Why do they always show these floormen looking so depressed and in pain? It's not their money they are losing.
No, it's not. It's their commissions they are losing. That's why they're crying.
Every 'specialist' has this moment.
It's the "I have just realized there is absolutely no need for my job to exist"
The NYSE will be a the Madoff Museum of Finance in 2012.
Didn't anyone get that memo?
Bingo, Ben Bernanke opens his yap on The Hill and the Dow goes down. Who called 6750? Lunch is on me..at Bull Run.
I'm not sure that calling for 6750 when it was at 6780 is a stroke of genius.
However, comma, the number is concerning.
'the OBAMA':"STOCK MARKET is like a political tracking poll."
BUTTHEAD BARRY knows friggin nothing about economics!!! PREZ BARACH'incurably-dishonest'OBAMA claims STOCK MARKET gyrations are akin to the bobs and weaves of a POLITICAL TRACKING POLL!!! You don't get it - your SHARE-the-WEALTH policies and your STIMULUS SHIT ROLL of DEMBHOLE PORK + your figgin taxes on everybody has caused the STOCK MARKETS to lose money at an ever increasing phenomenal rate!!! THE MARKETS=PRIVATE CAPITAL HAVE NO CONFIDENCE IN YOU - YOU CHICAGO COMMUNITY ACTIVIST HUSTLER!!! 'the OBAMA'=the new STALIN our DICTATORIAL DESPOT for the UNITED SOCIALIST STATES of AMERIKA!!! FOOKN BLACK MARXIST MORON.
Something in your remarks hints to me you are not an Obama supporter.
Could you give us your plan to move us out of this economic morass?
'the OBAMA' is a MARXIST MORON!!! As to your other query - take too long to go into specific detail here AND,a) cut the capital gains tax,b) reintroduce the deduction for buying an auto/truck on credit, c) change the law making it more profitable to 'lease' old buildings and not receuve tax credits for letting them just sit there,d)leverage all ALL STATE TAXES so that a flat tax ensued not greater than 21% of your total income which would include FED TAX, e) allow deductions on real estate to include only 'first residences'. 'the OBAMA' has no eechonomik ability whatsoever and is better off as the COMRADE COMMIESIR of BLOOMINGDALE'S!!!
addendum to Snoopy - The first thing to do is STOP these friggin bailouts!!! AIG(owned partly by GOLDMAN-SUCKS the MOB brokerage house+WARREN'smiling-as-he-buys-Amerika-cheap'BUFFET), GM, CHRYSLER, FORD let the UNIONS work for Canadienne retred c^nt Gov. JENNIFER GRANHOLME + teach TEACH the 47% of people in DETROIT to READ, the BANKS -led by BOBBY RUBENSANDWICH at CITI DICKHEAD BILL CLINTON's buddy. STOP WASTING TAXPAYER MONEY ON THESE DEMBHOLE DOOFUSES!!! and Snoopy the next time you throw-out so cavalier a line as:"Could you give us your plan to move us out of this economic morass?" THINK BEFORE YOU DO IT. YOU MIGHT GET MORE THAN WHAT YOU BARGAINED FOR - OR LESS.
VOTE FOR CHANGE! VOTE ZYSKANDAR in 2012!
to Snoopy - Sorry am ineligible to 'run'/be-a-candiate for public office due to the constrictions placed on me by THE HAYES ACT. Also doubt i will be a resident/part of this SOCIALIST-STATES-of-AMERIKA 'the OBAMA'schiess-spiele much longer.
to all ALL DEMBHOLE-DOUCHESBAGS + other supporters of 'the OBAMA' --- Why hasn't 'the OBAMA' cut any FEDERAL GOVERNMENT JOBS???
With all the 'problems' with the economy and private businesses 'laying-off' workers - why hasn't PREZ BARACH'incurably-dishonest'OBAMA laid-off/furloughed GOVERNMENT EMPLOYEES to lessen our TAX BURDEN??? Why is 'the OBAMA' planning to hire from 100,000 to 250,000 new workers that we the TAXPAYERS must pay for??? If PRIVATE CAPITALISM has to make job cuts to meet budgets - why WHY DOES NOT THE FEDERAL GOVERNMENT of the new STALIN DICTATORIAL MARXIST DESPOT'the OBAMA'???