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Credit Crisis Update: U.S. Stocks Notch Record Gains on Investor Hopes for a New Bailout Plan
U.S. stocks soared yesterday (Tuesday) – with the Dow Jones Industrial Average gaining 485 points in posting its third-biggest point gain ever – as investors surged back into stocks just one day after the surprise rejection of a $700 billion bailout plan touched off a record sell-off.
On Monday, after the House of Representatives refused to approve the compromise bailout accord, the Dow Jones plunged nearly 778 points – for its biggest point drop ever – as $1.2 trillion in shareholder wealth was eradicated from U.S. shares. The Standard & Poor’s 500 Index dove 8.79%, incurring its biggest loss since the 1987 stock market…
1Oct2008 | Managing Money | Comments Off | ContinuedGovernment Grapples With Details of $700 Billion Bailout
President George Bush yesterday (Monday) urged congressional legislators to put aside differences and work together for a speedy passage of a bill that would pledge $700 billion in taxpayer money to fight the current financial crisis – the largest bailout in U.S. history.
“[T]here will be differences over some details, and we will have to work through them. That is an understandable part of the policy making process,” President Bush said in a statement released yesterday. “[T]he whole world is watching to see if we can act quickly to shore up our markets and prevent damage to our capital markets, businesses,…
23Sep2008 | Managing Money | Comments Off | ContinuedCrude Oil Futures Post Record Gain as “Peak Oil†Expert Calls for Rally to $500 a Barrel
Crude oil futures zoomed more than $16 a barrel yesterday (Monday) – and traded as high as $130 a barrel – thanks to a steep decline in the U.S. dollar and speculation that the Bush administration’s plan to bail out the financial sector might actually jump-start the U.S. economy.
The record single-trading-session gain came on a day when CNNMoney.com republished a brand new Fortune magazine story in which author and noted “peak oil pundit” Matthew R. Simmons stated that crude prices were headed for $500 a barrel.
Story continues below…
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Wal-Mart Getting Roll-Back Pricing on Taxes?
Ads featuring Wal-Mart (NYSE: WMT) are all over the television recent days. Normally, that would be a good thing for the discount retailer. In this case, however, Wal-Mart is being used in a Barack Obama political ad. The ads claim that John McCain is giving millions of dollars in tax cuts to Wal-Mart “and millions more to its CEO.” Seeking to play off the resentment many small communities and small business owners feel when a Wal-Mart store opens up in their towns, the Obama campaign is using the company as a surrogate for the evils of big business and the politicians…
23Sep2008 | Managing Money | Comments Off | ContinuedHistory suggests that this is just another crisis like many others, and this too shall pass.
The current housing and banking crises are both unique and severe. Billions of dollars of wealth have disappeared over the last year, in some cases in just a matter of days. Companies that have been household names have gone bankrupt, with others on the verge of failing as this article is being written. Make no mistake; these are scary times with both professionals and the public wondering if their money is safe. Is this the end of the U.S. financial system?
Although we cannot predict the future and suspect that anything is possible, history suggests that this is just another…
21Sep2008 | Managing Money | Comments Off | Continued
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