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2.7%  Q1 GDP    4.57%  avg. 30-year mortgage     9.5%  Unemployment

Dow Up More Than 400 -- Here We Go

Here comes the afternoon roller-coaster ride on Wall Street: It's nearing 3 p.m., keep your hands inside the car!

The Dow has been in positive territory all day but in the past hour, it's shot up 300 points and is now trading up more than 460 points, or more than 5 percent.

The S&P 500 is up nearly 5 percent and the Nasdaq has topped 5 percent.

What's going on?

Could be the anticipated rate cut from the Fed tomorrow. Could be the beginning of the effects of the government rescue/bailout -- yesterday, GE said it would borrow money from the government.

Hang on to your gains -- we've seen many, many times in the past week what happens when the Awful Time of 3:50 p.m. arrives.

-- Frank Ahrens

By Frank Ahrens  |  October 28, 2008; 3:01 PM ET
Categories:  The Ticker  
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