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Stimulus-Package Battle Continues in Congress: Bank Bailout Plan Set to Debut This Week
As the worst financial crisis since the Great Depression continues to worsen, decades of deregulation and the growing independence at the state level are being reversed as a deteriorating national economy forces the federal government to increasingly take on responsibilities that no other institution has the power or resources to handle.
This dismantling of the so-called “New Federalism” will be readily apparent again this week as the federal government is once again at the forefront of the most-closely watched crisis-fighting initiatives at hand: With Congress pushing forward on an $827 billion stimulus plan and the Treasury Department planning to unveil its…
9Feb2009 | Money Morning | 0 comments | ContinuedRISK AVERSION RETURNS TO THE MARKET PLACE
The dollar rallied against most of the majors with the exception of the yen. The EurUsd dropped 108pips to the mid range of 1.33, while the UsdJpy declined 112pips to the low 89 price area. The GbpUsd dropped substantially, down roughly 350pips finding support at 1.48. Equity markets moved south on rising volatility and uncertainty regarding the financial markets. The Dow was off 1.46% or 125pts and the SPX dropped 2.26% or 20pts which was consistent with price behavior in other asset classes. Bond buyers were back in full swing, purchasing UST as all parts of the curve driving in…
13Jan2009 | Advanced Currency Markets | 0 comments | ContinuedBernanke’s Stimulus Support Sends U.S. Stocks Soaring
U.S. markets soared yesterday (Monday) after U.S. Federal Reserve Chairman Ben S. Bernanke endorsed another domestic stimulus package, sending the Dow Jones Industrial Average to its first close above 9,000 in four consecutive trading sessions.
At the close in New York, the blue-chip Dow had gained 413.21 points (4.67%) to close at 9,265.43. The tech-laden Nasdaq Composite Index jumped 58.74 points (3.43%) to close at 1,770.03. And the broader-based S&P 500 Index racked up a 44.85-point (4.77%) gain to close at 985.40.
In testimony before the House Budget Committee yesterday, Bernanke said that due to the poor economic outlook, additional government assistance could be…
21Oct2008 | Money Morning | Comments Off | Continued
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