Results tagged “stockfutures”

U.S. stock futures were up, thanks to the belief lawmakers will approve the $15 billion bailout plan for the Big Three automakers. The vote will be held today; the deal reportedly includes bridge loans (from money originally for the Energy Dept..) and having a "Car Czar" who will oversee negotiation of a restructuring by 3/31/09. Sen. Carl Levin (D-Michigan) said, "Bipartisan hard work has paid off. I understand an agreement has been reached." However, Donald Trump told CNBC the U.S. should save the auto industry but put them through Chapter 11 bankruptcy.

News that the federal government will help bail out Citigroupseems to be reassuring investors as futures are up before today's trading. CNBC reports that Citi's shares "jumped over 30% in pre-market trading" (last week it lost 60% of its value) while other bank stocks, like JPMorgan Chase and Goldman Sachs are also up. Also a source of some positive sentiment: News about President-elect Obama's economic team--Timothy Geithner for Treasury Secretary and Lawrence Summers for the National Economic Council-- and economic stimulus plan.

After yesterday's heavy losses on Wall Street, it's believed there's no way but up today: CNBC reports that futures are "pointed to a higher open" and may "claw back from a post-election selloff." Unfortunately, the Labor Department is expected to bring some depressing news about the jobless rate: Economists think it's climbed to a "five-year high of 6.3%" last month, according to Bloomberg News. An economist at IHS Global Insight, Nigel Gaults, sums it up: "Although the economy was the No. 1 key to Obama's success, as of Jan. 20 it will be his No. 1 problem. The damage from the financial crisis is quickly becoming evident."