“Stocks closed near session lows after selling off sharply in the final hour Wednesday as investors were cautious over the Fed’s grim outlook, even as it proposed plans to ramp up its aid to help the economy,” JeeYeon Park reports for CNBC. “The Fed announced it would launch a new $400 billion program in a move to rebalance its $2.87 trillion portfolio — a version of the widely expected Operation Twist — by selling shorter-term notes and using those funds to purchase longer-dated Treasurys. The Fed also said it would reinvest the proceeds from maturing agency debt and mortgage-backed securities into mortgage-related debt to help keep mortgage rates low and bolster the housing market.”
“The Dow Jones Industrial Average plunged 283.82 points, or 2.49 percent, to end at 11,124.84, led by BofA and JPMorgan,” Park reports. “The S&P 500 slumped 35.33 points, or 2.94 percent, to close at 1,166.76, logging its biggest drop in almost a month. The Nasdaq fell 52.05 points, or 2.01 percent, to finish at 2,538.19.”
Park reports, “On the tech front, Hewlett-Packard jumped following reports that the IT company’s board may consider replacing current CEO Leo Apotheker with former eBay CEO Meg Whitman. Apple closed slightly lower, even after Goldman Sachs raised its price target for the company from $480 to $520. Meanwhile, Apple is expected to announce its new iPhone 5 model on Oct. 4, according to AllThingsD, citing latest market rumors. New CEO Tim Cook is expected to take the stage to reveal the smartphone.”
Read more in the full article here.
Obama Messiah!….”yes, we can’t.”
hey botvinnik u r an arseholio. Yes u are!
That was mean-spirited! Not the Obama Messiah Way…you’re one of those bullies, aren’t you, Turd.
An apt appellation, Mr. Feces! Know thyself, huh?
The obvious truth here is that, whether one supports Mr. Obama or not, he and his administration are incapable of fixing the economy he “inherited” from his predecessor. Absolutely incapable. Would that he had admitted that from day one: “This state of financial affairs is so abysmal, people of America, that I simply don’t have the skills and the philosophical background to repair it.”
Wouldn’t that have been nice (not to mention HONEST)?
Absolutely not.
A good captain keeps his cool so the passengers stay calm even though he may know the ship is sinking 😉
And Perry will do better? Or Bachmann? Or any of the others?
The entire squad of Republican candidates is locked into a single solution – cut taxes and dismantle all regulations. And this comes from a party that claims to want to balance the budget…
We had eight years of a President who surrounded himself with “yes” people, tossed out anyone who dared to disagree, and injected religion into the government of this country. Perry is more of the same, and even scarier. All you guys do is push people farther left. You are your own worst enemies.
By the way, Randian. The “inherited” didn’t need any quotes. I think you know where the economy was and where it was heading in late 2008.
Could the Obama administration have done better? Certainly. There are plenty of things that I would have done differently. And it would have helped if the Democrats had not been total wusses and the Republicans had not been total roadblocks. But to throw Obama under the bus is shortsighted. No one could have taken this undermined wreck of a U.S. economy and straightened it out in two years under the same circumstances. No one.
…like I said above, there is no difference between the actual policies of the Republican and Democratic Parties.
Two ten-year illegal, unconstitutional and undeclared wars using American youth as fodder to feed the Pentagon and its parasitic defense contractors…gee, Vietnam and Korea – déjà vu all over again.
Completely with you on our 2+ illegal wars started by a republican president, now being shut down (not fast enough imho).
But if you feel there is NO difference between the two party’s policies you haven’t been paying attention. I’m really fed up with this false equivalence meme. Not to say there aren’t structural problems (unchecked supreme court, money dominating elections, corporations writing their own rules) but our immediate problem is that one of the two major political parties has gone insane. No policy differences, really? How about one party that has an active, stated interest in making and keeping the economy as bad as possible with the intention that it will help them politically in 2012? Job programs? We don’t have any and we don’t want any. Stimulus? Hell no, we’d rather bankrupt the states if it means we get a better chance at beating Obama. Filibuster EVERYTHING, even Buy American bills. This is the very definition of anti-American.
Admittedly, many democrats have been scared and bullied into sounding like republicans lately, but the philosophy, policy goals and actions of the two parties are VERY different.
No matter what our bankers are doing at any given time, they are wrong.
Despsite that, they still seem to take home record paychecks. At least the top officers do.
Thanks Ohbummer, and a special thanks to all u dumbasses who voted this clueless dumbass into the White House.
To another year of the US economy going int the dumpster.
Thanks Teabaggers, and a special thanks to all u dumbasses who voted these clueless dumbasses into Congress.
To another year of the US economy going into the dumpster, thanks to the “party of No.” (the America-hating Republicans/Teabaggers)
There, fixed it for you.
It is clueless morons like you who don’t know that it was the liberals like the ACLU that threatened banks with discrimination lawsuits if they didn’t loan billions into gettos to people who were not qualified to get a loan. That is what caused the banking system to collapse. And then the shameless liberals used that collapse for maximum effect as their October surprise to slip their monkey into the Wjite House.
You Sir are one of the clueless idiots who participated in that fraud.
The ACLU must have forced the banks and wallstreet firms into applying mathmatical algorithms for speculation, complex mortgage backed investment packages with AAA ratings regardless of the risk of what they were truly comprised of.
You are basically saying that a bunch of innocent banks were forced into this high risk behavior and predatory ARM lending by the ACLU and because a bunch of poor broke colored folk couldn’t pay their bills the whole system had a meltdown?
Wow.
I can’t tell if you are a racist or one of the fat cat douche bags from Wallstreet. Maybe both
You forgot to mention that the ACLU has magical powers and all their members can fly! Clueless is voting against your own best interests just because you hate black people.
See above…
So they are thinking of replacing a clueless CEO who has no business running anything other than a software company with a woman whose previous job was charging service fees to people selling beanie babies? I’m not sure she’s going to be much better…
I’m not sure what it is going to take to save HP, but they need to find their Gerstner quickly.
OMG! A comment germane to the article and not filled with political tripe! What is MDN coming to?
All Repubes should follow Meg Whitman to HP. Theres a winner! Apple is successful because like liberals, they believe in science and the liberal arts. GOP is mostly phony Christians who pray to money. Hate thy brother. The RICH and powerful will be seated by Jesus. Screw to poor and ill. GOP=Greedy Obtuse Pigs