1:00 AM: Media stocks recovered slightly while the rest of the Dow is regaining nearly 2/3′s of what it lost the day before. At first, no one could really give a decent explanation as to why the stock market headed up instead of down today. Because the financial bailout may be approved by Friday? Because the bill may not pass by Friday? Because investors sitting on the sidelines with cash under their mattress may be in the mood for some Dow bargain-shopping? Because the SEC may change the way that the bonds are accounted that back America’s banks? Do we care why?
Editor-in-Chief Nikki Finke - tip her here.