Dow Dives at Opening, Then Noses Up
Wall Street took a nosedive at today's opening bell but appears to be pulling back on the stick a little and shallowing out its descent.
In the first 15 minutes of trading, the Dow is down about 60 points. In the moments following the bell, the Dow had dived more than 140 points.
The S&P 500 and the Nasdaq are both just barely below waterline.
There is some talk of a possible rate cut by the Fed following its meeting on Wednesday, perhaps to as low as 1 percent. That would lower the interest rate on credit cards and home equity loans, giving cash-strapped consumers a little relief. On the other hand, remember that it was too-cheap money that got us where we are today.
Each trading week has its own characteristics. What will this week bring?
CNBC's Bob Pisani, speaking from the floor of the New York Stock Exchange moments after the opening bell this morning, had this take: "The guns are finally starting to kick in," he said, referring to the numerous government bailouts and buy-ins. "There is a hope that things are moving, that things are coming to help."
-- Frank Ahrens
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