Fed Announces Intervention in Commercial Paper Market, Stocks Boosted
10/7/08 at 10:26 AM
This morning the Fed informed investors that it would create a "special purpose vehicle" to buy up commercial paper in an effort to bust through the credit clog in the markets. The new financial organ will exist only until the end of April of next year. The announcement had an immediate positive effect on the Dow, S&P 500, and Nasdaq Composite. [WSJ]
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