Follow LA Observed on Twitter here
The Detroit bailout has suddenly become a big deal to Wall Street. After a brief flurry of optimism that a deal might be hatched on Capitol Hill, stocks moved sharply downward when the proposal got shakier. Congressional Democrats decided to delay any vote until December. They want the automakers to show them how the $25 billion bailout would do any good. At around the close, the Dow was down more than 400 points. The index numbers are simply mind-numbing.
DJIA - 7566
Nasdaq - 1316
S&P 500 - 753
Mark Lacter created the LA Biz Observed blog in 2006. He posted
until the day before his death on Nov. 13, 2013.