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Stocks

Another crazy day

More dramatic a day if such a thing is possible.

  • Nifty and Sensex up over 5% in a day.
  • SEC bans short selling of 700+ financial stocks.
  • Dow, S&P up 3%. They actually opened higher.
  • US Treasury insures money market funds to the extent of $50 billion.
  • Paulson introduces TARP (Troubled Asset Relief Program) It’ll cost “hundreds of billions” to the U.S. taxpayer.
  • Moody’s warns Ambac/MBIA that it may cut their ratings again. On a stellar day they were down 40% and 8% respectively.
  • Inflation is still above 12%. But watch for a rapid decline after October because that’s where the WPI bottomed last year.

This has been a phenomenal week. In India the net movement was little over 0.5% but man did it move. A low of 3800 on the Nifty shows you that we did a 10% toss-around before we came back here. Amazing.