Wall Street Opens Up
The markets opened in positive territory this morning, extending -- at least for the first 20 minutes of the trading day -- the strong two-day rally that began last Friday shortly after it was learned that New York Fed president (and Wall Street favorite) Tim Geithner was President-elect Barack Obama's choice to be the next Treasury secretary.
The Dow is up 126 points, or 1.2 percent.
The S&P 500 is up 1.2 percent but the Nasdaq is flat.
It's not even 10 a.m. and already we've seen a raft of news:
-- Treasury and the Fed Reserve announced what amounts to an $800 loan fund for consumer credit, making it easier for folks to borrow money for auto loans, tuition bills and the like.
-- The Commerce Department reduced its estimates for Gross Domestic Product for the third quarter, which ended in September. Expect GDP to contract further in the fourth quarter and remain, at best, flat for the first half of 2009, economists predict.
-- Ed Lazear, President Bush's top economic adviser, just said on CNBC that now is not the time for Americans to start saving more money. Doing so, he said, would further hurt consumer spending, which accounts of 70 percent of the U.S. economy.
-- Treasury Secretary Hank Paulson will give an update on how he's spending the $700 billion rescue/bailout package and likely will address the new loan fund announced this morning.
-- Frank Ahrens
The Ticker is Twittering!
The comments to this entry are closed.