Wall Street Opens Cautiously

Thirty minutes into the trading day, Wall Street is down moderately as traders cautiously wait to see how the bailout takes shape.

At 10 a.m., the Dow was down about 85 points, or about .75 percent. The Nasdaq and the Standard & Poor's were off a little over 1 percent.

Meanwhile this morning, President Bush has urged Congress to pass the bailout quickly and cautioned lawmakers from loading up the relief plan with extra provisions, such as limiting pay for executives whose companies are in trouble. Bush warned that "the whole world is watching."

Also, oil is edging back up in price, nearly $107 per barrel.

Finally, how bad is the financial situation? Bad enough to make senators mix metaphors. In an interview on CNBC moments ago, Sen. Mel Martinez (R-Fla.) said Treasury secretary Hank Paulson and Fed chairman Ben Bernanke "don't have a lot of bullets left in their quiver."

--Frank Ahrens

September 22, 2008; 10:09 AM ET  | Category:  business
Previous: Wall Street Presses the Reset Button | Next: Mid-Morning Slump On Wall Street

Comments

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For all the frustrated citizens in this forum, please contact senators and let them know how you feel about this bailout. This corporate welfare should STOP.

Without Wall Street concessions on executive pay, tax payers’ mortgage relieve, and transparent oversight of these funds, tax payers should NOT bailout for Wall Street. Enough is enough.

Posted by: No to Bailouts | September 22, 2008 11:33 AM

Dow Jones is down around 200 points, but Washington Post mentions nothing about it. They even removed the dow jones from their front page. I guess the media has decided to pretend as though the financial crisis is over. It isn't.

Posted by: ErrinF | September 22, 2008 11:35 AM

For all the frustrated citizens in this forum, please contact senators and let them know how you feel about this bailout. This corporate welfare should STOP.

Without Wall Street concessions on executive pay, tax payers’ mortgage relieve, and transparent oversight of these funds, tax payers should NOT bailout for Wall Street. Enough is enough.

Posted by: No to Bailouts | September 22, 2008 11:36 AM

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