Stocks Lose Morning Gains
Wall Street hovered in positive territory throughout the morning and into lunch, exciting hopes of a comeback after yesterday's 370-point loss.
But the markets have now slipped slightly into negative territory as the Senate Banking committee hearing wears on, closely watched by traders. The Dow, the Nasdaq and the S&P all are in red territory as of about 1 p.m. today.
The dip could be attributable to the fact that details of the bailout plan have failed to emerge from today's hearing. Treasury Secretary Hank Paulson has said the relief would be broad-based, aimed at small community banks as well as the big banks, but there has been little beyond that.
Or the drop could be attributable to the market confidence that Paulson mentioned when responding to Sen. Chuck Schumer's (D-N.Y.) question about whether Paulson needs his entire requested $700 billion right now, or whether he could he "make do" with a smaller sum, say, $150 billion.
-- Frank Ahrens
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