Dow Stumbles Out Of Gate

So, let's get this straight: Yesterday, it seemed possible that some version of the $700 billion Wall Street rescue plan would be approved sometime sooner than later.

The Dow shot up nearly 500 points.

Today, you've got Senate leaders saying that it's almost certain that they will approve their version of the rescue deal by tonight.

So, naturally, in the first 40 minutes of trading on Wall Street today, the Dow is down more than 170 points and falling.

The S&P 500 and the Nasdaq are down, too.

Okaaay, then.

Analysts said they expected a softer opening today, as the markets return to focusing on the fundamental problems -- the credit crisis is worsening, for instance.

In some good news for Google, whose shares got hammered in the last minutes of trading yesterday, turns out to be the victim of what the Nasdaq is calling "erroneous" trades, which have been wiped out, restoring much of the tech giant's value.

-- Frank Ahrens

October 1, 2008; 10:13 AM ET  | Category:  business
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Comments

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So everyone was moaning how the Dow lost a trillion dollars, but nowhere do I see mentioned the value that it gained back THE NEXT DAY! $620 Billion. Wow. maybe the stock market can bail ITSELF out.

Posted by: Miami Danny | October 1, 2008 11:04 AM

And you wonder why the average American doesn't trust Congress or Wall Street or any of the financial pundints on tv

Posted by: Joe Sixpack | October 1, 2008 11:29 AM

The Dow shot up yesterday because everyone realized that the bailout had failed and yet the Earth miraculously remained in its orbit around the Sun. Everyone started to wise up and realize that the bailout wasn't necessary.

So today, when it looks like this unnecessary bailout may pass, the market is down.

Posted by: AK | October 1, 2008 11:52 AM

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