No bailout? Here’s Plan B
A day after the House's surprise defeat of a $700 billion financial rescue bill, talk is growing louder about alternative government steps that could help battered credit markets and stave off broader problems in the economy.
FDIC asks to boost deposit limits
The federal agency that guarantees bank deposits is asking Congress for temporary authority to raise the limit on the amount of money it insures for individual bank accounts.
Google Stock Falls $200 As Market Closes
Apparently more than a few traders had heart palpitations today. As the market closed, Google’s share price fell apart, falling to $200 from an opening price of $396.
That was $62 billion in market cap that was zapped away in the last four minutes before the fiscal quarter ended and the markets closed, and it was dutifully reported by Google Finance and other sites (the comments here on MarketWatch’s uncorrected article show how freaked out some people were).
And the “drop” came as the markets surged on news that the bailout was still in play and mark-to-market rules were suspended (allowing banks to stay solvent). So what happened?
“It was a data glitch, which is extremely rare” said one hedge fund guy I know. “But yeah, for a second we freaked out.” In after hours trading Google is back to normal, trading at $407.
Update: From Briefing.com (still trying to figure out if any actual trades occurred, everyone says no so far):
Google trades after 3:57 pm under investigation by Nasdaq; trades were “potentially erroneous” - Bloomberg (404.14 -39.57)
Crunch Network: CrunchGear drool over the sexiest new gadgets and hardware.
Dow comes back big
Stocks rallied Tuesday afternoon as investors scooped up shares battered in the bloodletting that followed Congress' failure to pass a $700 billion bank rescue plan.