Economic Rescue Plan : Stocks slipped Thursday

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Stocks slipped Thursday morning as nervous investors wondered whether the House of Representatives will concur with the $700 billion bank bailout plan approved by the Senate. Adding to the jitters, the Labor Department reported a seven-year high for jobless claims. The department said 497,000 jobless claims were filed in the week ended Sept. 27 - more than forecasters predicted. Claims were expected to total 475,000, according to a consensus of economists provided by Briefing.com. Job losses were higher than the previous week's tally of 496,000. The Dow Jones industrial average (INDU ), the Standard & Poor's 500 (SPX ) index and the Nasdaq composite (COMP ) all declined in the early going. The Dow Jones industrial average slipped about 0.2% on Wednesday and the Nasdaq composite index fell more than 1%. European stocks were mixed in midday trading. Japan's Nikkei index closed lower. The bailout: The Senate late Wednesday the proposed bailout, which would loosen up the credit freeze by allowing the government to buy bad mortgage-related investments from finance firms. The House rejected a similar bailout bill earlier in the week and now investors are looking forward to Friday, when the body is expected to vote on the Senate-approved bill. Art Hogan, chief market strategist for Jefferies & Co., said the Senate approval was widely expected and "baked into the cake," so it did not result in a stock rally. But the outcome of the House bill is "unknown," said Hogan. "The market doesn't like uncertainty and that's what were focusing on right now," said Hogan. "We're playing wait-and-see and typically, when that happens, you don't have strength in the market." Economy: At 10 a.m. ET, the Commerce Department will announce factory orders for August. Orders are expected to have fallen 2%, according to a consensus of economists from Briefing.com. In July, orders increased 1.3%. Currency and oil: The dollar slipped versus the yen, but rose against the euro and the British pound. Oil prices fell $1.98 to $96.55 a barrel on the New York Mercantile Exchange. Credit markets remained tight.

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Stocks Mostly Advance On Plan For Mortgage Giants
Stocks soar as investors bet on gov't rescue plan ... Henry Paulson, speaking about the rescue plan ... The Dow slipped 0.29 percent, the S&P 500 ...
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U.S. rescue sends stocks soaring
U.S. rescue sends stocks soaring ... Government needs clear plan ; Editorial: Searching for an economic leader, 9/17 ... The Dow slipped 0.29 percent, the S&P 500 ...
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Channelnewsasia.com
HONG KONG - Asian stocks surged Friday following a ... in Asia were also helped by the announcement Thursday ... economic gloom • Paulson says US cannot abandon economic rescue plan
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London Stock Exchange - Stocks and Shares
... slipped by 16 per cent. 26th September 2008 17:00 - Rescue plan delays hit UK stocks ... stocks fell this morning on news that the US economic rescue plan ... stocks finished broadly unchanged on Thursday ...
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Europe stocks fall on Daimler warning, economic reports - MarketWatch ...
Europe stocks fall on Daimler, economic reports ... LONDON (MarketWatch) -- Stocks fell in Europe Thursday on a cut ... Financial rescue plan taking shape on Capitol ...
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Stocks head for lower open ahead of economic data
NEW YORK— U.S. stocks headed for a moderately lower open Thursday and credit markets appeared steady but still ... Backers say the plan to let the government buy billions of dollars ... Dow Jones industrial average futures slipped 61, or 0.56 percent, to ...
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Source: Boston Globe
NewsDateTime: 1 hour ago

World markets mixed after Senate approves US bank bailout; worries ...
LONDON (AP) _ World stock markets were mixed Thursday as broader concerns about a ... But there has been a "big loss of economic momentum in the last few months," he ... Investors are still concerned about the efficiency of this rescue plan and how it can ...
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Source: Los Angeles Times
NewsDateTime: 2 hours ago

Asian stocks fall despite Senate rescue plan vote
Asian stocks fall despite Senate rescue plan vote ... TOKYO -- Asian stock markets retreated Thursday as broader concerns about a global economic slowdown ... are still concerned about the efficiency of this rescue plan ...
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Source: Washington Post
NewsDateTime: 6 hours ago

World markets mixed after Senate OKs bailout plan
European stocks opened higher, with Britain's FTSE 100 up 1.1 percent, and ... Investors are still concerned about the efficiency of this rescue plan and how it can ... Toyota is not immune to the economic cycle that is affecting the entire industry in ...
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Source: Miami Herald
NewsDateTime: 3 hours ago

Business Minute: Senate votes, stocks see modest losses in latest ...
Business Minute: Senate votes, stocks see modest losses in latest session ... Senators loaded the economic rescue bill with tax breaks and other sweeteners. TOKYO (AP ... Asian stock markets retreated Thursday despite the U.S. Senate's passage of the ...
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Source: Idaho8.com
NewsDateTime: 4 hours ago




The number of Americans continuing to collect uninsurance claims increased by 48,000 to 3,591,000 for the week ended Sept. 20, the most recent week available. The 4-week moving average jumped 46,750 to 3,528,500 from the preceding week. Economists from Briefing.com expect September job losses to spike to 105,000 and for the unemployment rate to remain steady at 6.1% when the government's monthly report is released Friday. The economy already has lost 605,000 jobs this year

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