Slim Pickens is coming in handy today.
I guess the markets like it when Congress is out of session. This has to be jamming tiny, little, liberal minds.
Posted on 09/30/2008 10:33:41 AM PDT by pissant
NEW YORK (CNNMoney.com) -- Stocks rallied Tuesday as investors scooped up shares battered in the bloodletting that followed Congress' failure to pass a $700 billion bank rescue plan.
Credit markets remained tight, with several closely-watched measures of bank lending hitting all-time highs, as banks hoarded funds.
The Dow Jones industrial average (INDU) added 284 points, or 2.7%, more than 3 hours into the session, recovering some of the record 777 points lost the day before. The Standard & Poor's 500 (SPX) index and the Nasdaq composite (COMP) each gained about 3.5%.
The advance was largely in response to the previous session's selloff, in particular the swell of sell orders that poured in near the close of the session, said Alan Lancz, director of Lancz Global.
(Excerpt) Read more at money.cnn.com ...
Not surprising...I’m sure there were some bargains after yesterday.
But I thought the world was going to end?
Somewhat surprised it isn’t a fake rally ending after just a couple hours....still going up.
But I thought the world was going to end?
Yup!
We’re all gonna be eating grass soon.
I’d like to know what happened to the world coming to an end if we don’t pass the bailout>
The meltdown we were told would happen.
Dead cat bounce...
I’m changing my outlook from what I posted last night. I think October 2008 is going to be a pretty good month for U.S. stocks.
fox business saying credit is drying up, crisis meltdown might be possible; believe new bill will pass by Friday.
Not until CERN turns on the super collider... THEN, we’re all doomed.
I’m inclined to agree with you. Does anyone know if the 630 Billion Bernanke infused in has anything to do with this bounce?
Guys, we do need to remember this sort of thing happens quite a bit.
A bounce after a major drop. Then a day or maybe even a week later, the bottom falls out even more.
No point rejoicing yet, though I am pleasantly surprised the buying spree has not slowed down yet.
That is a somewhat positive sign so far, but this is one day.
Just one day.
Slim Pickens is coming in handy today.
I guess the markets like it when Congress is out of session. This has to be jamming tiny, little, liberal minds.
I just locked in a rate for a mortgage about an hour ago. We got a loan.
But we’re all gonna die!!!111
Today is all about the attitude that congress needs to get this deal done and get back home to campaign for reelection. The markets think the deal will get done Thursday and Friday.
Reality will set in sometime early next week that the government has taken over the US financial system. And that Obama will be our next president. And that we are doomed to relive the Carter presidency.
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