Wall Street Opens Down Sharply
It may have been a bad sign that -- for some reason, so far, unknown -- no one rang the bell to open trading on Wall Street this morning.
Trading just started on its own and Wall Street stumbled out of the gate.
Nearly 30 minutes into the day's trading, the Dow is down more than 300 points, or 3 percent, and falling. The Nasdaq and the S&P 500 are each down more than 3 percent. So much for the relief rally.
It makes one wonder: What if Congress hadn't labored all weekend to reach a deal on the $700 billion Wall Street bailout?
In other news:
- The Post's Paul Kane reports that the House expects to vote on the bailout between 12:30 p.m. and 1 p.m. today.
- A federal grand jury is investigating possible accounting problems at Fannie Mae. Last Wednesday, The Post's Carrie Johnson reported an FBI probe of Fannie, Freddie Mac, AIG and Lehman Brothers.
- In one piece of good news for Americans, the value of Britain's pound tumbled against the dollar, following the government's seizure of the U.K.'s biggest lender to landlords.
-- Frank Ahrens
Please email us to report offensive comments.
Posted by: Down She Goes | September 29, 2008 10:16 AM
Posted by: Pilgrim | September 29, 2008 10:19 AM
The comments to this entry are closed.