Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Guidance and Visibility -- Ignore unavailable to you. Want to Upgrade?

To: Jane4IceCream who wrote (190121)	3/23/2009 7:55:47 AM
From: Connor26	Read Replies (2) \| Respond to of 208838

Stocks point sharply higher ahead of bank plan Wall Street signals sharply higher open ahead as Geithner prepares to detail bank plan Tim Paradis, AP Business Writer Monday March 23, 2009, 6:59 am EDT Stocks pointed to a sharply higher open Monday as investors awaited further details of the government's plan to help banks remove as much as $1 trillion in bad assets from their books. Treasury Secretary Timothy Geithner is expected to detail a program Monday that would rely on the government's $700 billion financial rescue fund, the Federal Reserve and the Federal Deposit Insurance Corp., as well as private investors. The goal is to buy toxic assets that are weighing on banks' balance sheets. The bad loans are crimping banks' ability to resume more normal lending to consumers and businesses. The drop in lending is hurting economic activity and making the current recession more prolonged and severe. Traders are betting they will get more detail than from Geithner's first effort to overhaul the banking rescue program on Feb. 10. Investors, upset with a lack of specifics, sent the Dow Jones industrial average tumbling 380 points that day. Investors also have been more upbeat in the past two weeks after troubled banks told investors they had made money in the first two months of the year and after reports on retail sales and home building came in better than expected. The Dow is coming off its first back-to-back weekly gains in close to a year. Ahead of Geithner's announcement of the bank plan on Monday, Dow industrials futures jumped 190, or 2.6 percent, to 7,405. Standard & Poor's 500 index futures rose 21.40, or 2.8 percent, to 785.50, while Nasdaq 100 index futures rose 29.50, or 2.5 percent, to 1,217.50.