Daily Market Reports | Sep 27 2008
By Rudi Filapek-Vandyck
The world is still waiting what the exact outcome will be from the political games being played in Washington, not in the least because republican presidential candidates John McCain and Sarah Palin seem desperate to achieve some kind of positive impetus for their cause from the disaster known as the “biggest governmental financial support program in the history of the world”.
Meanwhile, Washington Mutual is no longer, taking the size of financial corporate failures to a new level in the US, with JP Morgan (otherwise known as the last healthy man standing) left cherry picking from another corporate corps. Elsewhere Wachovia and Citigroup are reportedly exploring mutual opportunities.
There was sufficient news trickling through from the Congressional deliberations, with president George Bush throwing in a dose of optimism as well, to instigate another late rally on Wall Street. Financials surged, and so did the main indices. But we’re still waiting, waiting for The Plan to be agreed upon and to be announced.
At the closing bell the S&P500 index had gained 4.09 points, or 0.3%, to 1,213.27. The Dow had jumped 121.07, or 1.1%, to 11,143.13. But the Nasdaq Composite Index had lost 3.23, or 0.2%, to close at 2,183.34.
Now we wait a little more…
