Network News

X My Profile
View More Activity
2.7%  Q1 GDP    4.57%  avg. 30-year mortgage     9.5%  Unemployment

Wall Street Rally Sustains, for Now

With about 90 minutes left on the trading day, the buying rally continues.

As of about 2:40 p.m., the Dow is up nearly 400 points, following a 778-point selloff yesterday.

The tech-heavy Nasdaq, which suffered its worst day yesterday since the 2000 tech bubble burst, is up more than 4 percent on the day, as is the S&P 500.

But it may not last if Capitol Hill doesn't keep moving forward on some version of the proposed $700 billion Wall Street rescue package.

Speaking on CNBC moments ago, Art Cashin, UBS director of floor operations on the exchange, said he "wasn't ready to get married" to this rally.

Earlier on CBNC, an investment adviser told viewers: "Hunker down. This rally is all about getting that bailout legislation passed. It won't last."

-- Frank Ahrens

By Frank Ahrens  |  September 30, 2008; 2:43 PM ET
Categories:  The Ticker  
Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   Del.icio.us   StumbleUpon   Technorati   Google Buzz   Previous: Senate Leaders Promise Deal
Next: FDIC Asks Congress to Increase Bank Deposit Insurance

No comments have been posted to this entry.

The comments to this entry are closed.

 
 
RSS Feed
Subscribe to The Post

© 2010 The Washington Post Company