Markets Open Up Strongly
Wall Street opened up strongly this morning, as industrial giant General Electric got some good news from a key lawmaker.
In the first 15 minutes of trading, the Dow was up 74 points, or about 0.8 percent.
The S&P 500 and the tech-heavy Nasdaq were both up more than 1 percent.
In an interview with Bloomberg yesterday, Rep. Barney Frank (D-Mass.), chairman of the House Financial Services Committee, said that big companies that already own finance units should be allowed to keep them under coming federal banking regulation.
This was good news for GE, whose arm -- GE Finance -- is a key component to the company's success. Prior to the crash, GE Finance provided up to half of its parent company's profits.
-- Frank Ahrens
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By
Frank Ahrens
|
July 30, 2009; 9:51 AM ET
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The Ticker
| Tags: Barney Frank, Dow Jones, GE, nasdaq, s&p 500
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