Tuesday, September 23, 2008; 12:04 PM
Stocks regained some ground today as investors awaited more details of the financial rescue package being contemplated by Congress.
After falling more than 300 points yesterday, the Dow Jones industrial average was up 66 points in mid-morning trading today. The Nasdaq and the Standard & Poor's 500-stock index were flat.
Even bank Washington Mutual, which has been battered by investor doubt that it can remain independent, was up 3 percent in mid-morning trading.
Investors have been concerned that the financial rescue plan proposed by the Treasury Department will not have the needed impact and that it will saddle the U.S. economy with an unmanageable level of debt. The plan, expected to cost about $700 billion, would allow the department to buy up the bad mortgage debt and other risky assets of financial firms.
Federal Reserve Chairman Ben S. Bernanke, Securities and Exchange Commission Chairman Christopher Cox and Treasury Secretary Henry M. Paulson Jr. are testifying before the Senate banking committee on the plan this morning. Postponing action on the bailout proposal would risk "a continuing series of financial institution failures and frozen credit markets that threaten American families' financial well-being, the viability of businesses both small and large, and the very health of our economy," Paulson told the committee in prepared testimony.
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