The announcement by BNP Paribas raised the specter of a widening impact of U.S. credit market problems. The idea that anyone – institutions, investors, companies, individuals – can’t get money when they need it unnerved a stock market that has suffered through weeks of volatility triggered by concerns about tight credit and bad subprime mortgages.
A move by the European Central Bank to provide more cash to money markets intensified Wall Street’s angst. Although the bank’s loan of more than $130 billion in overnight funds to banks at a low rate of 4 percent was intended to calm investors, Wall Street saw it as confirmation of the credit markets’ problems. It was the ECB’s biggest injection ever.
The Federal Reserve added a larger-than-normal $24 billion in temporary reserves to the U.S. banking system.
The concerns that arose in Europe and spilled onto Wall Street underscored the potential worldwide ramifications of an implosion of some subprime loans and perhaps also weakened arguments that strength in the global economy could help keep profit growth going in the U.S. among large companies that do business overseas.
I think the bull market if firmly behind us, but the jury is still out if the market will end the year down. (The jury in MY head that is–hey quiet down back there)
It’s funny that the reporting on the current stock market mirrors a little the housing market reporting. We’ve had record bull runs, two, three, four hundred points per day, records shattered almost weekly and the news was as if this was happy but generally expected all along. When it drops a little (and it is still a little) it sounds like a funeral dirge leading us all to selling pencils on the streets.
Main stream news–the proctologist’s view of the world.
I think the bull market if firmly behind us, but the jury is still out if the market will end the year down. (The jury in MY head that is–hey quiet down back there)
It’s funny that the reporting on the current stock market mirrors a little the housing market reporting. We’ve had record bull runs, two, three, four hundred points per day, records shattered almost weekly and the news was as if this was happy but generally expected all along. When it drops a little (and it is still a little) it sounds like a funeral dirge leading us all to selling pencils on the streets.
Main stream news–the proctologist’s view of the world.
I think the bull market if firmly behind us, but the jury is still out if the market will end the year down. (The jury in MY head that is–hey quiet down back there)
It’s funny that the reporting on the current stock market mirrors a little the housing market reporting. We’ve had record bull runs, two, three, four hundred points per day, records shattered almost weekly and the news was as if this was happy but generally expected all along. When it drops a little (and it is still a little) it sounds like a funeral dirge leading us all to selling pencils on the streets.
Main stream news–the proctologist’s view of the world.
What I can’t figure out is what the heck is up with the housing stocks, hovnanian, toll and beazer all saw 10% jumps today amidst the carnage, Lennar was 30 on Monday and 36 today, I feel like I’m taking crazy pills.
What I can’t figure out is what the heck is up with the housing stocks, hovnanian, toll and beazer all saw 10% jumps today amidst the carnage, Lennar was 30 on Monday and 36 today, I feel like I’m taking crazy pills.
What I can’t figure out is what the heck is up with the housing stocks, hovnanian, toll and beazer all saw 10% jumps today amidst the carnage, Lennar was 30 on Monday and 36 today, I feel like I’m taking crazy pills.
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