9/19/08-Dow Soars on Fed Intervention to Buy Bad Debt

The Dow gained 368.75 to close at 11,388.44 while NASDAQ gained 74.80 to close at 2,273.90. S&P 500 closed at 1,255.08 up 48.57. Oil rose 5.21 per barrel to close at 102.75 per barrel. The Ten Year Treasury Note lost 2.19 to close at 101.59 to drive the yield up to 3.80%. The Euro gained .0141 against the US Dollar so one Euro buys $US 1.44718. Volume on NYSE approached 3 billion shares. The market's gain today were caused by announcements by the Feds that they would buy distressed mortgages and SEC would temporarily ban short selling in financial stocks and adopt other rules pertaining to short selling. Starting Monday Kraft replaces AIG in the 30 stocks that make up the DJIA. The market was slightly down for the week after a historic, roller coaster week. Have a great weekend - that's all from Atlanta.