Stocks Surge As Paulson Explores RTC-Like Plan
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Stocks rallied today on reports U.S. Treasury Secretary Paulson is working on a plan to get some or all of the toxic assets off of the balance sheets of banks and brokerages. The bad assets will be placed into some type of entity similar to the Resolution Trust Corporation, which was created by the U.S. government after the Savings and Loan crisis of the 1980s.
The Dow rallied 410 points, the Nasdaq rose 100 points and the S&P 500 added 50 points.
Also aiding stocks today was a coordinated crack-down on short sellers of financial stocks. In a bold move, UK regulators temporary banned short-selling of shares in publicly-traded financial companies. Some sense similar action could be coming in the U.S.
The Dow rallied 410 points, the Nasdaq rose 100 points and the S&P 500 added 50 points.
Also aiding stocks today was a coordinated crack-down on short sellers of financial stocks. In a bold move, UK regulators temporary banned short-selling of shares in publicly-traded financial companies. Some sense similar action could be coming in the U.S.
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