The verdict for the new bailout plan is in, and it stinks. Treasury Secretary Timothy Geithner announced the new $1.5 trillion financial rescue plan this morning, and the Dow Industrials promptly dropped 300 points. The Senate then approved the stimulus plan by a vote of 61 to 37. The massive market sell-off continued throughout the day, with stock indexes dropping 4-5% after Federal Reserve Chairman Ben Bernanke discussed economic rescue plans with the House of Representatives, according to Market Watch. Headed into the close, the Dow was hovering around 7,800. Ouch.
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Financials
JP Morgan returns $168 million in MF collateral
More than six months after bankruptcy, JP Morgan returns $168 million to MFGI
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ETFs
High-yield debt ETFs raise eyebrows with record trades
The largest trades on record in shares of two exchange-traded funds that invest in junk debt are attracting attention to the market.
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Forex
Sen. Collins asks Labor Dept. to probe trading before jobs data
Senator Susan Collins wants what she calls unusual trading activity prior to a report on employment in April investigated
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Options
Facebook options will list on ISE on May 29
The options listing date is contingent on a successful completion of Facebook's initial public offering on Friday, May 18.
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