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Investors hit the brakes Friday, halting the rally that started Thursday, as political wrangling cast a pall of doubt that the government's bailout plan for the financial system might not get done.
US stock index futures indicated sharp declines for Wall Street on Friday as political wrangling extended uncertainty over the government's proposed $700 billion bailout for the financial system.
The consensus is that if nothing gets done, the market will crash. A minority note that with the consensus overwhelmingly believing that, it is unlikely to happen. Few are willing to make that bet now.
The fate of a Wall Street bailout remained unclear as a White House meeting of both parties ended without an agreement and some participants said a deal may even be dead.
Hedge funds executives tell CNBC that several Wall Street firms are marketing a new hedging product that would allow them to "short" stocks-, even those on the banned short sale list.
The White House cited "significant progress" in the financial bailout but it was unclear if a deal would be reached by the time lawmakers meet with Bush this afternoon.
Stocks got an early boost from Buffett's vote of confidence in Wall Street but the meandering hearings on the bailout sucked the air out of the trading floor. By the closing bell, financials had fallen and only techs were left carrying the torch of hope.
Stocks made a modest advance Wednesday, boosted by Buffett's investment in Goldman Sachs and optimism that a bailout could boost tech spending.
The market was quiet for most of the day. This is the narrowest trading range we have seen this month. Volume was light.
Secretary Paulson is doing the right thing in his afternoon testimony: he is arguing that this is not a bailout, it is an asset purchasing program. The $700 billion is for Working Capital to buy mortgages.
Investors who think the ban on short selling provides a buying opportunity could get stung by a likely selloff when the rules expire Oct. 2.
In whatever form it takes, the government rescue plan for the nation's financial system should provide an entry point for investors looking to buy bank stocks again.
Stocks made a modest advance Wednesday after Warren Buffett, one of the most highly-regarded investors, calmed the anxious market with a $5 billion investment in Goldman Sachs.
Even before the ink dries on a proposed $700 billion bailout for the financial industry, Wall Street players have begun jockeying to be the first ones to snap up distressed investments on the cheap, says the New York Times.
It is now a week an a half since we saw the collapse of Lehman. Here is a snapshot of how the various banks have fared since that notorious weekend.
Everyone and their mother’s favorite industry observer are calling Morgan Stanley and Goldman Sachs’ status switch to holding companies the end of the large independent investment bank as we know it.
Warren Buffett is driving the latest ambulance to show up on Wall Street, and his first aid may in fact give a boost of confidence to the market and Washington's rescue process.
There's a lot of talk about this proposed bailout. Here's why most of it is wrong.
In a surprise return to Wall Street, Warren Buffett's Berkshire Hathaway has a deal to make a $5 billion investment in Goldman Sachs. Up until now, he has rejected all pleas to come to Wall Street's aid during the current crisis.
The world's fastest-growing debt market has hit the skids in part because leading Islamic scholars began to question whether some popular Islamic bonds, or sukuks, followed Islamic law, said Portfolio.com