THE NEW YORK TIMES: Stocks shot wildly upward Friday morning after the federal government moved to try to restore confidence in the financial markets.
The Dow Jones industrial average rose more than 400 points only moments after the opening, and later settled at around 300 points higher. The broader Standard & Poor’s 500 was up nearly 3 percent. Markets in Europe and Asia also traded higher.
In a span of about 12 hours, the government took several moves to help restore stability in the markets. The actions began Thursday with discussions between the Treasury, Federal Reserve and Congressional leaders on what could become the biggest bailout in United States history, a plan likely to authorize the government to buy distressed mortgages at deep discounts from banks and other institutions.
On Friday morning, in a move against traders who have sought to profit from the financial crisis by betting against bank shares, the Securities and Exchange Commission issued a temporary ban on short sales of 799 financial stocks, following similar action in Britain on Thursday.
And then the Treasury said that it would guarantee, at least temporarily, money market funds up to an amount of $50 billion in order to ensure their solvency, a startling intervention to shore up an area that had been considered among the safest investments. Stocks Surge as US Acts to Shore Up Money Funds and Limits Short Selling >>> By Graham Bowley | September 19, 2008
THE INDEPENDENT:
Bouncing Back! Record Day for UK Shares >>> By Matt Dickinson, PA | September 19, 2008
LE FIGARO:
Hausse historique à la Bourse de Paris : Au bord du gouffre tout au long de la semaine, le CAC 40 réalise une performance inégalée ce vendredi, clôturant en hausse de 9,27%. >>> Par A Panizzo | 19.09.2008
WELT ONLINE:
Interview zur Finanzkrise: Warum Banken Spielcasinos geworden sind: Joseph Perellas Rat ist gefragt an der Wall Street und in Washington. Oft hat der renommierte Banker davor gewarnt, dass seine Kollegen zu hohe Risiken eingehen. Nun sagt Perella WELT ONLINE: Die Wall Street habe sich von ihren Wurzeln verabschiedet, viele Häuser seien zu Casinos geworden. >>> Von Jörg Eigendorf | 19. September 2008
The Dawning of a New Dark Age – Paperback (US) Barnes & Noble >>>
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