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Wall Street Makes Early Gains On Hearing Fed Plan to Buy Debt

By Peter Anderson 1 Comment - The content of this website often contains affiliate links and I may be compensated if you buy through those links (at no cost to you!). Learn more about how we make money. Last edited October 7, 2008.

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Federal Reserve
Creative Commons License credit: Ross C.

The fed made a move today to help unclog the credit markets, and the stock market has shown some early gains, moving back over 10,000 to start the day:

Wall Street is moderately higher in early trading, with investors encouraged by a Federal Reserve plan to buy massive amounts of short-term debt from companies.

The plan unveiled Tuesday calls for the Fed to buy the short-term debt that companies use to finance their day-to-day operations. That would help create demand in the credit market and make it easier for companies to raise money.

Investors who are still clamoring for an interest rate cut were relieved by the government’s new measure to help the economy. The credit markets seized up after the failure of Lehman Brothers Holdings Inc. Banks have been reluctant to lend to most customers, including other banks, fearing they won’t be repaid.

The Dow Jones industrials rose 49 points to the 10,005 level.

We’ll see how long these early gains last.

UPDATE: Yikes, DOW down 258 points (9697)within 1 1/2 hours of markets closing.  Will the downward spiral ever stop?  Sounds like the markets were hoping for an interest rate drop like in Australia – which hasn’t happened yet.

UPDATE: Fed Chief Ben Bernanke left open the possibility of an interest rate cut today:

Federal Reserve Chairman Ben Bernanke warned Tuesday that the financial crisis has not only darkened the country’s current economic performance but also could prolong the pain.

The Fed chief’s more gloomy assessment appeared to open the door wider to an interest rate cut on or before Oct. 28-29, the central bank’s next meeting, to brace the wobbly economy.

Other stories from this morning:

  • Fed to buy massive amounts of short-term debt
  • Wall Street jumps back over 10,000

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Last Edited: 7th October 2008 The content of biblemoneymatters.com is for general information purposes only and does not constitute professional advice. Visitors to biblemoneymatters.com should not act upon the content or information without first seeking appropriate professional advice. In accordance with the latest FTC guidelines, we declare that we have a financial relationship with every company mentioned on this site.

This article is about: Economy, News

About Peter Anderson

Peter Anderson is a Christian, husband to his beautiful wife Maria, and father to his 2 children. He loves reading and writing about personal finance, and also enjoys a good board game every now and again. You can find out more about him on the about page. Don't forget to say hi on Pinterest, Twitter or Facebook!

Comments

    Share Your Thoughts: Cancel reply

  1. Miranda says

    I wonder how much more money we’ll need to create in order to free up the credit markets — and what kind of inflation we will have to endure.

    Mirandas last blog post..The Credit Market Freeze — How It Works And How It Affects You

    Reply
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