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Stocks Lose Morning Gains

Wall Street hovered in positive territory throughout the morning and into lunch, exciting hopes of a comeback after yesterday's 370-point loss.

But the markets have now slipped slightly into negative territory as the Senate Banking committee hearing wears on, closely watched by traders. The Dow, the Nasdaq and the S&P all are in red territory as of about 1 p.m. today.

The dip could be attributable to the fact that details of the bailout plan have failed to emerge from today's hearing. Treasury Secretary Hank Paulson has said the relief would be broad-based, aimed at small community banks as well as the big banks, but there has been little beyond that.

Or the drop could be attributable to the market confidence that Paulson mentioned when responding to Sen. Chuck Schumer's (D-N.Y.) question about whether Paulson needs his entire requested $700 billion right now, or whether he could he "make do" with a smaller sum, say, $150 billion.

-- Frank Ahrens

By Frank Ahrens  |  September 23, 2008; 1:00 PM ET
Categories:  The Ticker  
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Comments

I could take anything Schumer says far more seriously if only he wasn't such a closet Republican.

Posted by: wardropper | September 23, 1908 1:58 PM | Report abuse

Maybe if Schumer and his buddy, the honorable Barney Frank were doing their job, we might not be in this mess......

Posted by: Newsman | September 23, 1908 2:02 PM | Report abuse

I agree with Newsman's comments....perhaps the Post should do some investigative reporting on the various house/senate committees....and let the voters know just what the "leaders" on both sides are up to?

Posted by: whitehousewatcher | September 23, 1908 2:05 PM | Report abuse

Or the drop could be market instability in general as trader's try to jump in at a price they can live with.

Posted by: Sara B. | September 23, 1908 2:09 PM | Report abuse

It was not just Schumer who asked about this. Even the co-chair of the Senate Banking Committee, Rep. Sen Shelby told Secy Paulson he was not keen on handing over the huge amount of money and felt it was an insult to the tax payers.
Write to the Senate Banking Committee directly at:
http://banking.senate.gov/public/index.cfm?FuseAction=Contact.Form

Posted by: Madeleine | September 23, 1908 2:49 PM | Report abuse

How much is $700 Billion?
= 25 million cubic feet of one dollar bills
= 18,500 ocean containers of full of cash
= 25 million briefcases full of money
= 2 shiploads of money
= 830 747 planeloads of dollars
= $4,600 for every family in the US

--------

Posted by: David | September 23, 1908 3:11 PM | Report abuse

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