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A Cautious, Optimistic Mood on Wall Street
September 30, 2008 2:04 PM
ABC News’ Erin Keohane and Sarah Amos report: On a somber Wall Street and at an anxious New York Stock Exchange, there was a bit of relief this morning -- 18 hours after one of the worst market closes in U.S. history -- as the markets began the day up.
For traders walking through the media storm that was the Financial District this morning their mood was slightly nervous. Most of the NYSE floor traders would not talk to the press; some feared losing job security, others were knocking Congress and party politics for not voting on a bailout. And some were even optimistic that the Dow Jones industrial average would open up 200 points.
From the street to the floor the mood was heightened.
"It's a really frightening time. I don't know if I'm going to have a job by next week, you know it's really unfortunate that we're in this situation," said George Metzler on his way to work.
John Focshino tried to be light about the market's situation. "My worries? That I lose my job. I lose all my money. I get thrown out on the street and have nothing to eat," he said trying to chuckle a bit, before adding, "Those are everybody's worries. So, it's a very frightening time for all of us. Um, my job, I don't know where my job is going. I don't know, I don't know where the future lies. And we are very uncertain, these are very scary times."
A "get-it-done" mentality was felt as soon as one walked on the exchange floor, which was already covered with newspaper and magazine scraps as well as disposed napkins. This did not slow traders from whizzing around Barclay's and Bank of America trading posts 10 minutes before the bell sounded officially opening the markets.
With just two minutes before the ringing of the bell, the stock exchange floor shifted into fast forward: Traders buzzed past, conversations grew louder and quicker.
Once the bell was heard, traders turned anxiety into production. Several trading posts were crowded with 10 to 15 traders trying to secure a stock at a low rate. National City Bank generated the largest crowd two minutes after the market opened with approximately 25 traders crowding around.
As a bystander the population of traders on the floor this morning seemed to increase 25 percent from Monday morning. This was not confirmed by the NYSE, although it is understood the number of traders on the floor for the market opening varies and it could lead one to speculate that every trader on the floor this morning wanted to partake in rallying the market.
However frustration and fear still existed on some traders’ faces as they roamed the floor three minutes after the bell. Heads were in their hands just as they were after Monday’s congressional vote. Yet other traders had begun joking; one trader even joked with our media liaison, pestering her for a long-awaited date.
Anna Camara was still reeling this morning from Congress' no vote on the bailout plan. "When I heard the news that the bill was not passed I was in shock. I mean I actually was thinking about putting more money back into the market. Thank God I didn't," Camara said.
Even with the strong open, it is clear from the street to the floor that traders are still cautious, but determined to rally the market and the American public. At this point they will do it without congressional support.
September 30, 2008 | Permalink | User Comments (4)
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I AM PROUD OF OUR REPULICANS WHO HEARD THEIR VOTERS AND VOTED TO STOP THE TEMPORARY BELLOUT.I LOST HEAVY ON MY STOCK. MY MISTAKE, MY LOSS. I DO NOT ASK FOR A BELL OUT, AND I DON'T WANT TO PAY FOR CEO'S MISTAKES. THEY NEED TO BE HELD RESPONSIBLE, NOT REWARDED. WILLIAM PICKRON.
Posted by: WILLIAM PICKRON | Sep 30, 2008 3:32:17 PM
Do you all know David and the Lion
count your mistakes
Posted by: Gene | Oct 1, 2008 1:52:42 PM
01 October 2008
3 Market, Mortgage and Vegas Rules
1. Winners take home all profits.
2. Losers take home all losses.
3. Gamble at your own risk.
Posted by: SpokaneRH | Oct 1, 2008 2:04:42 PM
Vote 'No' to the bailout-Resuce Plan. The New Plan, puts Humpty Dumpty back onthe Wall Street. Wall Street is the seperation, between The 5% and the 95%. The New Revisions, only make Wall Street in control again. We wil once again loose our 'Independence'. Why would anyone support, the New Bill, will only bring forth a Credit Line of 'Mass Destruction.'Please vote 'No' to 'Wall Street'. No More Division.
Let Americans own their own homes. By Saving Wall Street, They can still own Your Houses, and later, evven raise the intrest rate, to earn themselves more money.
Vote Independant.
WallStreet will Buy McCains 'WIN'
Remember Clintons Suprise?
Take it to the Bank, That these stall tactics, is a Nixon-Clinton-Bush-McCain set-up.
Follow the trail Back to the Beginning.
Watch CNN and MSNBC
Call Your Congress and Say NO, to the same Bush McCain division Plan.
Vote Independent. Not Wall Street Support.
Looking At McCains Past Record, He has only voted, when his elect 5%, would make more of a Gain.
McCain was held away form voting No, on the Past Bill, because his 5% would not gain anything. This is a set-up. Put this view in your History Books. McCcain is Buying Wall Streets 'Fixed' Votes.
Vote No to McCains Afgan War 'Draft'. View McCain's past voting record. Voted against money for Younger Education, But supports his Funding of Teenagers of Drafting Age.
Vote No to Mc Wall Street.
Watch CNN and MSNBC for the Truth.
No more Bi-Partisanships. This leaves out 'Independence'. This takes th American Independence away.
Vote No to McCain
Posted by: historyremembered | Oct 1, 2008 5:13:42 PM
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