Wall Street Opens Up Optimistically
Wall Street opened up solidly this morning, as traders anticipate that the House will approve the $15 billion in direct loans to the troubled Big Three automakers today.
In the first 25 minutes of trading, the Dow is up 55 points, or .65 percent.
The S&P 500 and the Nasdaq are both up less than 1 percent, as well.
Speaking of the Big Three, it seems Ford is using the global financial and economic meltdown to establish a competitive advantage against its two U.S. rivals, GM and Chrysler.
Ford chief executive Alan Mulally has said his company doesn't actually need bailout cash to stay in business right now, but would like access to it if conditions worsen. He and the rest of Ford appear to be attempting to curry a little favor with lawmakers and prospective car buyers.
"I think if they see Ford as a company trying to pull itself up by its own bootstraps, and making it on its own and pulling the right levers, I think that could be a positive for us," Ford executive chairman Bill Ford Jr. told the AP today.
In sports (and sometimes in dating) this is known as "giving 'em the Heisman," referring to the stiff-arming little statuette given annually to the nation's top college football player.
December 10, 2008; 9:55 AM ET
Categories: The Ticker | Tags: Alan Mulally, Chrysler, Dow Jones, Ford, GM
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