Energy

Bernanke’s statement was well received by a market assuming a rate cut will soon be forthcoming. President Bush chimed in with some added relief for mortgage holders.

Wall Street struggled to decide upon last night’s GDP release while the market waits poised for tonight’s statement from the Fed chairman.

After falling 240 points on Tuesday, the Dow rallied 247 points last night. More light volume. More Bernanke madness.

The Dow fell 280 points last night as more poor housing data were released, consumer confidence fell, Merrill Lynch downgraded financial stocks and, bizarrely, the FOMC minutes from August 7 were poorly received.

On Friday new home sales spurred Wall Street. Last night existing home sales achieved the opposite.

Stocks rallied strongly on little volume to close the week on a high note following some surprising data.

Despite the credit crunch, commodity investment instruments are holding their own.

Country wide shares traded as much as 20% higher in Wednesday’s aftermarket on news of the BA stake. However both Countrywide and the market closed flat last night.

Stocks went up and bonds went down last night as a seized credit market began to see the first signs of movement.

Panic gave way to simple anxiety on Wall Street last night as the only news of any consequence was a fall in the oil price.