Markets Open Up Slightly
Wall Street apparently is trading only on the news these days, not on the underlying fundamentals of the economy or the health of companies.
So, today, with the Big Three automakers submitting their case to Congress for at least a $25 billion bridge loan to stay in business, and with some form of help expected to be forthcoming, Wall Street is trading slightly up at opening.
In the first 15 minutes of trading, the Dow is up about 40 points, or less than 1 percent.
The S&P 500 and the Nasdaq are both up, but less than 1 percent each.
We'll see how long this auto-fueled mini-rally lasts: automakers are reporting their November sales numbers throughout today, and they're expected to be one bomb of bad news after the next.
December 2, 2008; 9:47 AM ET
Categories: The Ticker | Tags: automakers, nasdaq, s&p 500, stocks
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