Published: Tuesday September 23, 2008
Financial markets pulled back in uneasy trading yesterday as investors awaited details of the government’s plan to buy $700 billion in bad mortgage debt from banks.
The Dow Jones industrial average fell more than 200 points while the credit markets remained nervous, but not showing the signs of panic that Treasury trading saw last week.
Investors are relieved that federal authorities are taking action to relieve the nation’s banks of their toxic assets. But Wall Street is not sure yet how successful the plan will be in thawing credit markets, which many businesses depend on to fund day-to-day operations, and for propping up the still-weak housing market.
Source: Trinidad Guardian Newspapers
http://www.guardian.co.tt/business2.html
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