Wall Street Shoots Out of the Gates
In the opening minutes of trading on Wall Street, the major indicators are up and up sharply.
The Dow has rocketed to a 230-point gain, up more than 2 percent. The Nasdaq has rebounded from an atrocious day -- the worst since the tech bubble burst in 2000 -- by opening up nearly 2.5 percent. The S&P 500 also is up 2 percent.
On the trading floor, however, CNBC is reporting what it's calling a "rabbit hole" phenomena -- as in, we're down the rabbit hole, Alice -- which is: There is a feeling among some traders that they'd prefer a weak opening to the markets and a weak close today to keep the heat on Capitol Hill lawmakers to pass a version of the $700 billion Wall Street rescue plan.
The concern is that lawmakers will look at today's Wall Street rally and think: What's the big deal? Why do you need a bailout? You look fine today.
-- Frank Ahrens
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Posted by: Threedy | September 30, 2008 12:51 PM
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