Stocks Move Higher On Hopes Bailout Bill Will Be Revived
U.S. stocks are higher this morning, after yesterday's record point decline, on hopes Congress will revive the financial bailout plan. The bill failed in the U.S. House yesterday as Republicans pulled their support due to public opposition to the bill and its "Wall Street Welfare" stigma.
At 10:20AM ET, the Dow was up 265 points, the Nasdaq was up 55 and the S&P 500 was up 35.
There were fears this morning that the pre-open move higher in stock futures would fade, but so far the markets are holding up well.
Today, President Bush urged immediate action from Congress to get a bill passed as pressures in the credit markets continued, with Libor, the rate banks charge each other for loans, climbing 431 basis points to a new all-time high of 6.88%.
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