Monday, December 15, 2008
Where We Headed?
The major market indices saw gains Friday leaving stocks mostly flat for the week. The Dow gained 64.59 points to close at 8,629.68. The S&P 500 added 6.14 points to finish the session at 879.73.
Stocks got off to a bad start Friday on news the Senate had rejected the current bailout plan for automakers. However, obviously the US Government was not going to let the car giants fall and the Treasury said it might help the industry and President Bush is considering using TARP funds. The United Auto Workers union took a lot of the blame for the failure of the $14 billion bailout, but the UAW blames Republicans in the Senate.
More bad news came in the day when prosecutors filed charges and arrested Bernard Madoff. Madoff is a former Nasdaq Stock Market chairman and was in charge of billions of dollars of investments. However, he said that these investments ended up being a large Ponzi scheme. If reports are true, total losses are near $50 billion making it a larger scandal than prior failures of Enron and Tyco!!
Until next time.
Stocks got off to a bad start Friday on news the Senate had rejected the current bailout plan for automakers. However, obviously the US Government was not going to let the car giants fall and the Treasury said it might help the industry and President Bush is considering using TARP funds. The United Auto Workers union took a lot of the blame for the failure of the $14 billion bailout, but the UAW blames Republicans in the Senate.
More bad news came in the day when prosecutors filed charges and arrested Bernard Madoff. Madoff is a former Nasdaq Stock Market chairman and was in charge of billions of dollars of investments. However, he said that these investments ended up being a large Ponzi scheme. If reports are true, total losses are near $50 billion making it a larger scandal than prior failures of Enron and Tyco!!
Until next time.
# posted by Paul @ 5:19 AM 
