US stocks set to extend Monday’s huge rally

Business

October 14, 2008

Anonymous The Goshen News Tue Oct 14, 2008, 07:18 AM EDT

NEW YORK — Wall Street was gearing up for another surge higher Tuesday following the Dow Jones industrial average’s historic 936-point jump, with investors encouraged by the U.S. government’s plans to spend $250 billion on private banks’ stock.

President Bush is expected to announce Tuesday morning the details of the plan, which would use a chunk of the $700 billion bailout to recapitalize the nation’s troubled banks.

Dow Jones industrial average futures rose 176, or 1.85 percent, to 9,684. Standard & Poor’s 500 index futures rose 16.50, or 1.62 percent, to 1,033.20, and Nasdaq 100 index futures rose 16.75, or 1.15 percent, to 1,475.25.

Asian and European markets shot higher as well, after Wall Street on Monday propelled the Dow to its largest one-day rise ever.

Hong Kong’s Hang Seng index rose 3.19 percent, after a more than 10 percent increase on Monday. Japan’s Nikkei index, catching up from the country’s market holiday Monday, jumped 14.15 percent — the largest increase ever. The Bank of Japan said it will hold an unscheduled policy board meeting Tuesday at 8:30 p.m. local time, or 9:30 a.m. Eastern time, to study recent developments in global markets.

And in morning trading in Europe, Britain’s FTSE 100 jumped 4.27 percent, Germany’s DAX index rose 4.94 percent, and France’s CAC-40 rose 5.17 percent.

Still, while the markets are enjoying a big rebound, analysts are warning that stock trading will likely see ongoing volatility as investors still grapple with the vast number of problems still facing the financial system and that have spilled into the global economy.

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The Goshen Housing Authority has a $571,050 shortfall. Should the Goshen City Council use money from its $4.7-million “rainy day” fund to pay the debt and maintain the current level of service provided by the voucher program?

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US stocks set to extend Monday’s huge rally

The Goshen Housing Authority has a $571,050 shortfall. Should the Goshen City Council use money from its $4.7-million “rainy day” fund to pay the debt and maintain the current level of service provided by the voucher program?

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