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New Rescue Hopes Lift Stocks

Bargain hunters out en masse

By Kevin Spak,  Newser Staff

Posted Sep 30, 2008 8:44 AM CDT
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(Newser) – Stocks rose at the open today, as traders bet on a new rescue plan and picked over the wreckage of yesterday’s record-setting drop. The Dow rose almost 218 points, while the Nasdaq and S&P were up 2.5% and 2.6% respectively. “After the absolute carnage we had yesterday there's inevitably going to be some bargain hunting,” said one trader. “Markets are pinning their hopes that a deal can be reached by the end of the week.”

If that doesn’t happen, the economic damage will be “painful and lasting,” President Bush said in a brief statement this morning. Many are also hoping to see an emergency intra-meeting rate cut from the Fed. Financial stocks rose on that speculation, with Citigroup up 8% after dropping 12% yesterday, and Wachovia rising 30% after yesterday's 82% skydive.

Specialist Patrick Murphy, left, directs trading in Citibank at his post on the floor of the New York Stock Exchange, Monday afternoon Sept. 29, 2008.
Specialist Patrick Murphy, left, directs trading in Citibank at his post on the floor of the New York Stock Exchange, Monday afternoon Sept. 29, 2008.   (AP Photo/Richard Drew)
Trader Gregory Rowe, right, works on the floor of the New York Stock Exchange, Monday afternoon Sept. 29, 2008.
Trader Gregory Rowe, right, works on the floor of the New York Stock Exchange, Monday afternoon Sept. 29, 2008.   (AP Photo/Richard Drew)
Trader Daniel Lomeli, left, watches the numbers as he works on the floor of the New York Stock Exchange, Monday Sept. 29, 2008.
Trader Daniel Lomeli, left, watches the numbers as he works on the floor of the New York Stock Exchange, Monday Sept. 29, 2008.   (AP Photo/Richard Drew)
Trader Jason Harper works on the floor of the New York Stock Exchange, Monday afternoon Sept. 29, 2008.
Trader Jason Harper works on the floor of the New York Stock Exchange, Monday afternoon Sept. 29, 2008.   (AP Photo/Richard Drew)
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