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Stocks shot out of the gate like a rocket Friday after the Federal Reserve, Treasury and SEC jumped in to triage the meltdown in the banking system with measures including a ban on short selling in financials. The Dow jumped more than 300 points higher at the open. Brokerages and banks roared higher, with Goldman Sachs, Merrill Lynch, Morgan Stanley, Wachovia and Washington Mutual all up more than 30 percent.
After bank executives and politicians have blamed hedge funds (and other nefarious market participants) for the extreme volatility in financial sector equities, both the U.K. and the U.S. market regulators imposed bans on short selling in these stocks.
Wall Street was poised for a big Friday at the end of a rollercoaster week after the Federal Reserve, Treasury and SEC jumped in to triage the meltdown in the banking system with measures including a ban on short selling in financials.
Here's the sweet part: it's a quadruple witching expiration!! Options desks are frantic, because everyone has to cover their short calls in financials.
Regulators across the world slapped temporary bans on short-selling in an effort to boost investors confidence. What do you think of the new regulations?
Should hedge funds be required to report their short positions, daily?
The Dow rallied 250 points shortly after 1 pm ET when the UK government announced they were banning short selling in financial stocks until January, and would require hedge funds to reveal their short positions.
The Lehman bankruptcy sent waves of asset sales and capital raises throughout the system. One of the early casualties was the "Breaking-Of-The-Buck" at the Primary Reserve money market fund. However, there are numerous other ripples.
The Fed, the European Central Bank, Bank of England, Bank of Japan, Bank of Canada, and the Swiss National Bank are all pumping dollars into the global system. Fed made an additional $180 billion available to central banks to lend out.
The SEC is attempting to throw a curve at short sellers. Chairman Cox is asking the Commission to CONSIDER a disclosure rule that will require hedge funds and other large investors to disclose their short positions.
Don't let volatility scare you out of this market. There are opportunities to be had.
Cramer's been waiting for this federal regulator to stop the abusive short selling that's hurt so many stocks. At last, Chairman Christopher Cox has stepped up.
Lawmakers and experts are considering a longer-term legislative solution that would create a new agency to dispose of the mortgage-related assets at the core of Wall Street’s woes., the New York Times reports.
Ask Cramer and he'll tell you that the regulators didn't regulate. And that's why we're in this mess.
SEC Chairman Christopher Cox talks about Fannie Mae and Freddie Mac's stock movements while Sin City's gambling industry faces an economic earthquake. Following are today's top videos:
Three more more financial firms, including Merrill Lynch and Goldman Sachs, reached settlements over the sale of auction-rate securities, a $330 billion market that collapsed in February.
Merrill Lynch CEO John Thain met with New York Attorney General Andrew Cuomo on Thursday in an attempt to reach a settlement of the auction-rate securities probe, CNBC has learned.
Merrill Lynch reached a settlement with Massachusetts over auction-rate securities, the latest in a string a accords between regulators and Wall Street firms over the $330 billion market that collapsed in February
Merrill Lynch has until Friday to settle an auction-rate securities case with New York Attorney General Andrew Cuomo's office or it will face a lawsuit, Cuomo warned during a CNBC interview.
The Federal Reserve called Credit Suisse last month to check a rumor that the bank was preparing to pull a line of credit for Lehman Brothers, the Wall Street Journal reported on its web site on Thursday.