Waiting For Congress & Jobs
Oct 02, 2008

After two days of gigantic swings, the market chopped around and ended relatively unchanged on the day.

Investors had a number of headlines to keep them preoccupied while Wall Street waits for the bailout bill to be approved by Congress. Among the more noteworthy included a $3 billion dollar investment by Warren Buffett into General Electric, a really bad reading about the economy from the ISM survey, and disappointing news from many auto manufacturers. The top performing sectors were airline, banks, brokers, and tobacco while the laggards were commodities (coal, steel, oil), insurance, auto parts, and casino.

Friday looks to be a key day as current expectations are for another vote that day along with the big bad jobs report. Tomorrow I suspect the market will try to get ahead of the news, which should make for another choppy trading session and we'll see if anything changes by tomorrow morning. Have a great evening!