Wall Street Erases 272-Point Gain After Erratic Trading Day

AP:

Wall Street finished only slightly higher in an erratic session on Wednesday as investors remained unconvinced by a Federal Reserve plan to work with other central banks to alleviate the global credit crisis.

Investors erased a 272-point gain in the Dow Jones industrial average that followed the Fed's announcement of an agreement with the European Central Bank and the central banks of England, Canada and Switzerland to confront what it called elevated pressures in the credit markets. The Fed said it will create a temporary auction facility to make funds available to banks and set up lines of credit with the European and Swiss central banks for additional resources.

Read the whole story: AP

Comments

[FreedomCorpse]

09:37 PM on 12/12/2007

The people that say they know what they're doing...don't.

[mmckinl]

09:13 PM on 12/12/2007

WHERE'S DENDROICA ? ? ?

TOSHIBA ANNOUCES BATTTERY TO CHARGE IN 5 MINUTES TO 90%.

YOU ATE IT DENDROICA !

Yahoo !
Toshiba to ship new rechargeable battery
By YURI KAGEYAMA, AP Business Writer Wed Dec 12, 12:23 PM ET

[loki]

06:12 PM on 12/12/2007

Bio Gen went on the chopping block on Wall street today, and no one bought a thing!! What happened to the days when you could put a pile of dung on wall street , and it would bring a billion dollars 15 minutes after opening bell? I guess they are getting a little more reserved with their money in the last couple weeks.

[loki]

06:09 PM on 12/12/2007

Yeah, things are so great that the Feds / Central Banks are going to start Auctions so banks can bid for the lowest rates on borrowing billions of dollars. Billions that I should add dont exist yet, but will be printed as soon as the auctions are done. The Fed said this is to entice the banks into offering more credit to people, and lower rates to businesses.

Just what we need, a collapse supposedly brought on by a rash of bad credit, in a country full of
consumers who dont save and have an average credit card debt over 10 grand each, and not making house payments, with negative savings, lets give them all more credit!!!

Yeah, thats going to help a lot. Besides, the extra printing of dollars will drop the value of it even more. I guess we just arent getting to the bottom fast enough for those who are in charge, and they are afraid that they wont be able to do what they want to do once Bush is gone. Or, more likely, Bush doesnt matter as politicians are all whores to the highest bidder.

[WIpatriot]

05:13 PM on 12/12/2007

Snatched from the jaws of victory...

[Fuji]

04:51 PM on 12/12/2007

Be calm. The market still landed in the black.