Daily Market Reports

The Dow bounced back 485 last night as Congress vowed to reach resolution and the SEC decided to readdress CDO accounting rules.

Main Street voted down Wall Street last night on both sides of the House, rejecting the rescue plan . The Dow fell 770 points, its biggest fall since trading opened after 9/11.

Dow and S&P500 closed higher in anticipation of a positive outcome from the political process regarding The Plan. But we’re still waiting for The Announcement…

The Dow rallied 200 points as The Plan moved another inch closer to agreement, but it is a very watered down model that Paulson may have to accept.

All financial markets were as good as unchanged last night as the world goes into limbo. A resolution on The Plan does not yet look imminent. (Locked for subscribers until 10:00 AEST)

The Dow managed to hold square by 3pm but a lack of progress on Capitol Hill saw a late sell-off of another 161 points. (Locked for subscribers until 10:00 AEST)

The Dow fell 372 points as Paulson’s plan was met with uncertainty. The US dollar was trashed. Oil made an artificial spike.

Another 368 points in the Dow. Heavy volume. The world awaits.

The US Treasury has a plan that will involve rescuing the entire financial system, not just those institutions which look like failing. A snap short-covering rally sent the Dow up 410 points. (Locked for subscribers until 10:00 AEST)

Fear gripped Wall Street last night as corporate bond markets crashed and investors rushed out of equities and into Treasuries and gold. The Dow was down 450 and gold up over US$80.