Will the rally continue today?
By the looks of the overseas markets, that might just be the case. Yesterday's move by the federal government to take direct equity stakes in the nation's largest banks seems to have bolstered confidence overseas. Markets are soaring in Europe and Asia. In Japan, where markets were closed on Monday, investors made up for lost time today sending the Nikkei average surging 14 percent. Hong Kong's Hang Seng was up 3 percent, although the DJ Shanghai index fell 2 percent.
In Europe, the DJ Stoxx index is up 6 percent so far, and London's FTSE is up 5 percent.
This morning, President Bush is scheduled to address the nation at 8 am, followed by Treasury Sec. Hank Paulson and his economic team at 8:30 am. One question likely to come up today as government officials prepare to spend $250 billion of the $700 billion bailout bill: What about executive pay? According to a report by The Post's Peter Whoriskey, the much-touted limits on executive pay are a bit more flexible than most taxpayers thought.
Check back here for more on this and other economic news throughout the day.
Please email us to report offensive comments.
Posted by: Beau James | October 14, 2008 8:14 AM
Posted by: Beau James | October 14, 2008 8:31 AM
Posted by: Anonymous | October 14, 2008 9:12 AM
Posted by: Beau James | October 14, 2008 9:13 AM
Posted by: Beau James | October 14, 2008 9:21 AM
Posted by: benq11 | October 14, 2008 12:43 PM
The comments to this entry are closed.