Friday, September 19, 2008

Dow Up More Than 400 Points at Opening Bell

The Dow Jones Industrial Average continued its roaring rebound this morning, opening 409.71 points in the first 15 minutes of trading today. The S&P 500 jumped up 52.79 points in that time as well.

Bloomberg's market chart is here.

"The ban on the short sales is what's having the immediate impact on the market. That should calm the market down," Paul Mendelsohn, chief investment strategist at Windham Financial Services in Charlotte, Vt., told Reuters. "Anybody who has been shorting these financial stocks is going to get burnt in here. What authorities are trying to do is just buy enough time for the market to settle down and for the details of the Paulson plan to be understood, how long it would take to implement and what it means for the banks."

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