Wall Street Gets Two Days' Optimism
Today, Wall Street opens knowing that the Senate passed a version of the $700 billion Wall Street rescue/bailout (your call) bill.
The House is working toward voting on the bill on Friday. Last night, Rep. Barney Frank (D-Mass.), the plan's champion in the House, said he thought the odds of passage were "better than even."
So that means the markets will have two days of trading with relative optimism.
It's also the second day into the fourth quarter of the year, which traditionally is driven by consumer spending around the holidays. (Remember: two-thirds of the U.S. economy is based on consumer spending.)
Wall Street may take some encouraging news from UBS's report this morning that it expects to turn a small profit for the third quarter.
On the other hand, jobless claims rose last week to a seven-year high, driven partly by the effects of Hurricanes Ike and Gustav.
-- Frank Ahrens
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