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Market makers celebrate third largest Dow rise ever
Bangladesh News.Net
Tuesday 30th September, 2008
With US stock indexes on Tuesday pushing forward from the prior session's historic rout, optimism returned that a rescue plan would make a comeback in coming days on Capitol Hill.
Strategists, who had the previous day cupped their heads in their hands, were seen to dance on the floor of the exchange.
The indexes extended their gains in afternoon trades, after some investors bet that the calendar fourth quarter might turn out a little more bullish than the third.
The advance was also chalked up to hopes for the new bailout package as well as end-of-quarter squaring of positions and the day's economic data.
News that the SEC is working with FASB on 'fair value' accounting rules, that could delay implementation of the onerous mark-to-market provision, have also given stocks fresh impetus.
In a statement ahead of Wall Street's start, President Bush expressed disappointment at the failure of House members to pass the rescue package on Monday, calling the situation a 'very critical moment for the economy.'
In economic data, the Case-Shiller home price index released by Standard & Poor's found home prices in 20 major U.S. cities falling at a faster pace in July, bringing home values down a record 16.3% in the past year.
Also, a gauge of business activity in the Chicago region reported an expansion at a healthy pace in September.
Separately, the Conference Board reported U.S. consumer confidence climbed in September for a third consecutive month, but the level remained relatively low.
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