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Stocks Open Down on Bailout Impatience

Volatile session could be forthcoming

By Kevin Spak,  Newser Staff

Posted Oct 1, 2008 8:55 AM CDT
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(Newser) – Stocks started off on the wrong foot this morning as investors awaited smoke signals from Congress. The Dow dropped 122 points, while the S&P and Nasdaq fell 1.3% and 0.9%, respectively. The session is likely to be a volatile one, with the Senate’s expected bailout vote tonight seen as a major turning point. “Given the political capital invested by all sides, we think that ultimately a deal will be reached,” said one strategist.

Speculation that the Fed may issue an emergency rate cut heated up as Goldman Sachs said they’re expecting such a move. The ADP employment index also bore positive news, showing a smaller-than-expected decline in private-sector US jobs. Perhaps most encouragingly, overnight lending rates dropped, though they remained above official rates.

Traders John Porcelli Jr. center, and Peter Edelson, right, work on the floor of the New York Stock Exchange, Tuesday Sept. 30, 2008.
Traders John Porcelli Jr. center, and Peter Edelson, right, work on the floor of the New York Stock Exchange, Tuesday Sept. 30, 2008.   (AP Photo/Richard Drew)
Warren Meyers, left, works with fellow traders on the floor of the New York Stock Exchange, Tuesday Sept. 30, 2008.
Warren Meyers, left, works with fellow traders on the floor of the New York Stock Exchange, Tuesday Sept. 30, 2008.   (AP Photo/Richard Drew)
Traders work on the floor of the New York Stock Exchange, Tuesday Sept. 30, 2008.
Traders work on the floor of the New York Stock Exchange, Tuesday Sept. 30, 2008.   (AP Photo/Richard Drew)
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stock market • Dow Jones • stocks • markets • credit market • bailout • financial crisis

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