Uneventful Day Closes Flat

Monday, February 09, 2009

The market fell a modest 10 ten points as investors await decision from Congress on the stimulus plan and Obama's delayed bank bailout plan. Obama delayed his planned press conference to allow Congress to solely focus on reconciling the House and Senate versions of the stimulus plan and put it up for a final vote. Rumors swirled around Wall Street that Geithner's bank plan may rely heavily on private capital to buy the toxic assets off balance sheets with government incentives. Bank of America and General Electric rallied considerably up 12% and 14%, respectively.

The market hardly moved today as investors held off bets until some clarity is offered from the government on its economic plans. The market showed strength today holding the entirety of the last two days' 400-point gain for an inside, consolidation day.


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