Hill Action Weighs On Wall Street
Stocks continue their downward slide as the financial story becomes a political one and begins to affect the markets.
The Democrat-controlled Congress is working toward a bailout plan that puts Treasury and Wall Street on a short leash, both of which may irritate Republicans, who likely will favor less federal oversight of the markets and may slow passage of the bailout.
That, in turn, could cause more uncertainty in the marketplace, and on it goes.
Shortly after 1 p.m., Wall Street continued its slow descent, with the Dow trading down more than 180 points, or about 1.5 percent.
Oil has popped up over the $111 per barrel level.
CNBC is reporting that Barclays, which is buying the investment banking and trading businesses of Lehman Brothers (which filed for bankruptcy last week), will offer jobs to 10,000 Lehman workers in the new entity.
-- Frank Ahrens
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