Stocks Rebound, Countering Selloff in Financials

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• It Hasn't Been This Bad Since 1937

  Oct 8, 08 8:29 AM CDT
  With investors unconvinced the government’s $700 billion bailout or the Fed’s new plan to buy commercial paper will thaw frozen credit markets, markets remained trapped in “a downward spiral of fear,” reports BusinessWeek. The Dow’s 29% loss this year is its worst since 1937’s 32.8% drop. But it still has a ways to fall before it outdoes the market’s worst year ever: 1931 when the Dow plunged 52.7%.
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• Stocks Sink as Bernanke Hints at Rate Cut

  Oct 7, 08 1:28 PM CDT
  Federal Reserve Chairman Ben Bernanke warned today that the financial crisis has not only darkened the country's current economic performance but also could prolong the pain. The Fed chief's gloomy assessment appeared to hint of an interest rate cut on or before the Fed’s next meeting later this month. Despite the sign of a possible rate cut, the Dow was down around 300 points midday.
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• Stocks Creep Higher at Open

  Oct 7, 08 9:02 AM CDT
  Stocks rose at the opening bell today, buoyed by the Fed’s dramatic promise to intervene in the commercial paper market. The Dow rose 79 points at the open, as the Nasdaq and S&P rose 1.1% and 0.8% respectively, the Wall Street Journal reports. Investors also believe the Fed, ECB, and BoE may join forces for a coordinated, international rate cut. More »

• Late Rally Lands Dow Up 410

  Sep 18, 08 3:25 PM CDT
  The markets rallied late in today’s rollercoaster session, keying on a $360 billion plan to shore up money markets and reports that the Fed might form a government body to absorb firms’ bad credit bets, the Wall Street Journal reports. The Dow gained 410.03 to close at 11,019.69. The Nasdaq closed up 100.25 at 2,199.10, while the S&P 500 rose 50.01, settling at 1,206.40. More »

• Stocks Jump at Bell on Central Bank Cash

  Sep 18, 08 9:05 AM CDT
  Stocks surged at the opening bell this morning, as traders registered approval of the central banks’ move to inject $360 billion into global money markets. The Dow jumped 118 points, while the S&P and Nasdaq rose 1.6% and 2% respectively. “These joint interventions are welcomed by the market, showing the Fed is trying to solve the logjam,” said one economist. More »