Rebound, but no slam dunk
Other than that, Mrs. Lincoln, did you enjoy the play?
Congress dropped a daisy cutter on the market yesterday, rejecting the $700 billion financial rescue plan and sending the stock market spiraling to its biggest one-day loss in history. But stock futures were up more than 2 percent in premarket trading.
Pundits overnight and market watchers today were laboring under the assumption that a package will ultimately reach President Bush’s desk. The process could move to the senate floor, where Treasury Secretary Henry Paulson’s plan has more support. But since House Republicans torpedoed the bill, it could face a tougher process.
In other news, Pfizer plans to drop efforts to develop medicines for heart disease, obesity and bone health as part of its plan to focus on cancer.