Stocks continued to rise at the open this morning, with the Dow climbing more than 100 points and the S&P gaining 1.5%, as investors cheered the Treasury and Fed’s new program to boost consumer credit, the Wall Street Journal reports. The Nasdaq, however, was off slightly. The Dow has gained 10% during the past two sessions, its fastest 2-day climb since 1987.
News that the government would purchase up to $100 billion of GSE debt in competitive auctions drowned out the government’s downward revision of third-quarter GDP. Another gloomy indicator came from the S&P/Case-Shiller home price index, which showed a 17.4% year-over-year drop in September.