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Stocks Gain Over 100 Points, Fed's Lending Rate Steady
By
Jen Chung
Published Sep 16, 2008
Modified Sep 17, 2008
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By
Jen Chung
Published Sep 16, 2008
Modified Sep 17, 2008
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After one of the worst days ever on Wall Street, stock market rallied by the end of the day, with the Dow Jones industrial average gaining 141.51 points today. That increase was helped by the belief the Federal Reserve will rescue AIG and news that Barclays would buy the Lehman's broker business.
Stocks had a roller-coaster day amid disappointment that the Fed would not change the key lending rate. You can read the Fed's statement here--it includes the observations: "Strains in financial markets have increased significantly and labor markets have weakened further. Economic growth appears to have slowed recently, partly reflecting a softening of household spending. Tight credit conditions, the ongoing housing contraction, and some slowing in export growth are likely to weigh on economic growth over the next few quarters."
Overall, many think the Fed made the right decision, because of, per the Timeswa, "the Fed’s limited ability to solve a problem that entails the entire housing and mortgage markets." The chief investment strategist of the Hartford, Quincy Krosby, told Bloomberg News, "This is a market that's not looking at fundamentals. IIt's going back and forth based on rumor and headlines and it has temporarily divorced itself from fundamental analysis.''
Tagged
business
economy
federal reserve
wall street
Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
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Gothamist is funded by sponsors and member donations
Gothamist is funded by sponsors and member donations
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