Tuesday, October 28, 2008
Uptick
Buying Blitz: Dow Surges 889A barrage of bargain hunting swept Wall Street late Tuesday, sending the Dow to its second best one-day point jump in history.
Today's Market
The Dow Jones Industrial Average rose 889.35 points, or 10.88%, to 9065.12, the broader S&P 500 added 91.58 points, or 10.79%, to 940.50 and the Nasdaq Composite picked up 143.57 points, or 9.53%, to 1649.47. The consumer-friendly FOX 50 gained 74.28 points, or 11.33%, to 730.04.
"Hopefully today will be the beginning of something positive," NYSE trader Frank Chester of Christopher J. Forbes told FOX Business.
The monster rally was only matched by the 936-point surge on October 13. On a percentage basis, the gains translate to the index's sixth best one-day performance ever and the second best of the year. For the Nasdaq Composite, the rise marked the fourth best one-day gain in the index's history.
McCain: Obama's Definition of Rich Is 'Creeping Down'John McCain raises flags over Joe Biden's latest call for tax breaks for the middle class -- "people making under $150,000 a year."
John McCain accused his Democratic rivals on Tuesday of steadily downgrading their definition of the middle class in an effort to hit more voters with tax increases.
"We can't let that happen," the Republican presidential nominee told a Pennsylvania audience.
Barack Obama has consistently said that families making less than $250,000 a year will not see a tax increase under his administration. He also says those making under $200,000 will see a tax cut.
But Obama's running mate, Joe Biden, told a Scranton, Pa., TV station on Monday that Obama's tax break "should go to middle class people -- people making under $150,000 a year."
McCain, who over the past few days has warned about the "dangerous" economic consequences of allowing a Democrat in the White House to work with a Democratic majority in Congress, said Tuesday that Biden was previewing Democratic tax policies to come.
"You getting an idea of what's on their mind, huh? A little sneak peak," McCain said, pointing to Biden's comment. "It's interesting how their definition of rich has a way of creeping down. At this rate, it won't be long before Senator Obama is right back to his vote that Americans making just $42,000 a year should get a tax increase."
Obama's campaign released a statement standing by his tax plan, saying, "The McCain campaign's attacks are getting more desperate by the hour."
Spokesman Tommy Vietor said Obama's plan has consistently been to make sure families earning $250,000 do not see an increase to their share of the tax burden.
The statement did not explain what Biden was referring to when he defined middle class as those making under $150,000 annually.
I'm not s'sure the McCain campaign is as desperate as the Obamies would like everyone to believe.... It sorta sounds like Obama-O'Biden accidently let the cat out of the bag or it was done deliberately so that when they raise taxes they can say it shouldn't be a surprise because they'd "revised" the figure during the course of the campaign. More of the "Change" Obama's been talking about.... or maybe he means "change" is all we'll have left if he is elected.