Daily Market Update 10/2/08

Rates inched lower Thursday as stocks fell sharply on weak economic data. Jobless Claims rose to 497,000, the highest level since September 2001, while Factory Orders declined 4.0% last month, worse than expected. Last night the Senate overwhelmingly approved the $700 billion rescue package, although its fate remains uncertain in the House. Tomorrow will likely be an extremely volatile day for the markets, as the closely-watched Employment Report will be released at 8:30 AM and the House takes up the Senate version of the government rescue plan. In other news, the European Central Bank (ECB) held rates steady, while the Federal Reserve is said to be considering further rate cuts to help stimulate the US economy.

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