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Stocks Jump As Rate Cut Hopes Increase (Dow up 335, NASD up 80)
AP?YodleWho! ^
| Wednesday November 28, 2:57 pm ET
| By Madlen Read, AP Business Writer
Posted on 11/28/2007 12:14:44 PM PST by rightinthemiddle
Wall Street Has 2nd Straight Rally on Rate Cut Hopes, Signs That Financials Are Finding Cash
NEW YORK (AP) -- Wall Street barreled higher Wednesday for the second day in a row, propelling the Dow Jones industrials up more than 300 points after a Federal Reserve official hinted that the central bank may lower interest rates again.
Investors' renewed hopes for a rate cut added to their relief that companies that made losing bets on subprime mortgages, such as Citigroup Inc. and Freddie Mac, are coming up with ways to raise cash.
Early Wednesday, Fed Vice Chairman Donald Kohn told the Council on Foreign Relations that recent financial turbulence has reversed some of the improvement seen in markets in previous weeks, and could squeeze credit for households and businesses. He said tight financial conditions may merit "offsetting" policy from the central bank.
(Excerpt) Read more at biz.yahoo.com ...
TOPICS: Business/Economy
KEYWORDS: djia; dow10000; economy; fed; markets; stocks; wallstreet; wgids
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I sold my TXN last Wednesday at $30 and change...I held it for 12 years. I told my broker "this is the bottom" if I'm selling my favorite stock."
Maybe I was right.
To: rightinthemiddle
DOW Up! Oil Down!
Democrats deeply saddened.
2
posted on
11/28/2007 12:15:17 PM PST
by
Phantom Lord
(Fall on to your knees for the Phantom Lord)
To: rightinthemiddle; Toddsterpatriot; Larry Lucido
3
posted on
11/28/2007 12:15:51 PM PST
by
Petronski
(Reject the liberal troika: romney, giuliani, mccain)
To: rightinthemiddle
Dow up over 500 points in two days?
Cool.
4
posted on
11/28/2007 12:16:01 PM PST
by
NeoCaveman
("On illegal immigration, Huckabee makes George Bush sound like Tom Tancredo." - Ann Coulter)
To: Phantom Lord
Goldbugs and Oil Barons deeply saddened.
5
posted on
11/28/2007 12:16:12 PM PST
by
rightinthemiddle
(Without the Media, the Left and Islamofacists are Nothing.)
To: Hydroshock
6
posted on
11/28/2007 12:16:43 PM PST
by
rightinthemiddle
(Without the Media, the Left and Islamofacists are Nothing.)
To: rightinthemiddle
7
posted on
11/28/2007 12:18:12 PM PST
by
Toddsterpatriot
(What came first, the bad math or the goldbuggery?)
To: NeoCaveman
May be close to 600...I don’t see this rally dying today.
But, tomorrow is a different day.
8
posted on
11/28/2007 12:18:22 PM PST
by
rightinthemiddle
(Without the Media, the Left and Islamofacists are Nothing.)
To: rightinthemiddle
We are about, what, 700 - 800 points from the all time high or so?
9
posted on
11/28/2007 12:19:23 PM PST
by
NeoCaveman
("On illegal immigration, Huckabee makes George Bush sound like Tom Tancredo." - Ann Coulter)
To: rightinthemiddle
10
posted on
11/28/2007 12:20:52 PM PST
by
Cowboy Bob
(Real men don't vote Democrat.)
To: NeoCaveman
11
posted on
11/28/2007 12:21:16 PM PST
by
Toddsterpatriot
(What came first, the bad math or the goldbuggery?)
To: rightinthemiddle
12
posted on
11/28/2007 12:22:01 PM PST
by
sionnsar
(trad-anglican.faithweb.com |Iran Azadi| 5yst3m 0wn3d - it's N0t Y0ur5 (SONY) | UN: Useless Nations)
To: Toddsterpatriot
Nothing makes my week like watching the bears take it right in the teeth.
13
posted on
11/28/2007 12:23:10 PM PST
by
Petronski
(Reject the liberal troika: romney, giuliani, mccain)
To: Toddsterpatriot
14
posted on
11/28/2007 12:23:11 PM PST
by
NeoCaveman
("On illegal immigration, Huckabee makes George Bush sound like Tom Tancredo." - Ann Coulter)
To: rightinthemiddle
I almost called my broker Monday to tell him to go completely to cash. Glad I didn’t. Probably also a sign of a bottom.
15
posted on
11/28/2007 12:24:04 PM PST
by
jalisco555
("The only thing we learn from history is that we never learn from history." Winston Churchill)
To: NeoCaveman
Let me check...I think it was 14,300.
Up 365 now.
16
posted on
11/28/2007 12:27:41 PM PST
by
rightinthemiddle
(Without the Media, the Left and Islamofacists are Nothing.)
To: jalisco555
You’re exactly correct. When most Americans, who have an upside mental bias (ie, Americans are, by and large, optimists) finally throw in the towel, it is usually close to the bottom.
One of the things necessary to becoming a successful trader (as opposed to investor) is to be able to observe these emotions in one’s self, and then do exactly the *opposite* of what your instinct tells you to do.
I covered shorts earlier this week because I was feeling like “Awwww crap... I’m going to have to sell all these longs and take losses...” so I did the exact opposite: covered my shorts.
When did I put the shorts on? When I was feeling pretty darn pleased with myself.
17
posted on
11/28/2007 12:27:52 PM PST
by
NVDave
To: Cowboy Bob
18
posted on
11/28/2007 12:28:14 PM PST
by
rightinthemiddle
(Without the Media, the Left and Islamofacists are Nothing.)
To: rightinthemiddle
The Fed Rate Cuts will not stop the impending issues....
Remember folks, Japs fed had rates at 0% for years, and they still were in recession for nearly a decade.
To: rightinthemiddle
Does this (if they cut rates) translate into lower re-fi rates for mortgages?
20
posted on
11/28/2007 12:30:32 PM PST
by
CygnusXI
(Where's that dang Meteor already?)
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