Stocks jump on bailout
We'll see how long it lasts. The Dow opened up more than 340 points, but has since pulled back (at last check it was up 269). Recent rescue rallies have been "shorter in duration and weaker in intensity than the immediately prior one." blogs Barry Ritholtz at The Big Picture. Calculated Risk says that even after the bailout, the basic problem hasn’t changed: housing remains in terrible shape, with excess supply, tighter lending standards, and prices still too high compared with incomes and rents. Yes, mortgage rates will probably fall, but it's not at all clear whether the savings will be substantial enough to bring in more homeowners.
6:58 AM Monday, September 8 2008 • Link
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