Dow & Oil Drop & Gold Rises As Republicans Vote Nay on Rescue Package
Sep 29, 2008, 2:05 pm – The House is still voting on the Rescue Package, but Republicans are stuck at 65 Yeas & 133 Nays and the Democrats at 141 Yeas & 94 Nays. The Dow was down as much as 705 and is currently down 504. Wall Street and oil traders want this package to pass. Oil is down over $8 per bbl. Gold is up over $17. The Republican and Democrat leadership worked over the weekend and came to an agreement with both Republicans & Democrats announcing on Sunday that the deal was done. Apparently, they counted prospective votes as well as banks counted their assets and liabilities. Commodity trading is also showing that it expects a large economic slowdown. The 3Q is also adding tomorrow & that normally also adds volatility.
