stocks fall steeply as economic fear trumps rescue vote

Date: Thu, 02 Oct 2008 12:02:53 -0400
U.S. stocks fall steeply as economic fear trumps rescue vote

Stocks tumble, with concerns about the economy offsetting hopes that the
$700 billion financial-bailout plan will pass Congress after being
approved by the Senate.

SEC backs down on short-selling disclosure rule, extends ban

Extending a controversial move aimed at attempting to calm a rattled
stock market, the Securities and Exchange Commission says its selective
short-selling ban will now run until 11:59 p.m. EDT on Oct. 17.

Senate approves $700 billion financial rescue plan

The Senate approved a revised $700 billion U.S. plan to stabilize the
financial industry and kick-start credit on Wednesday night, just two
days after the House defied President Bush and leaders of both political
parties to reject the original package.

Trichet opens door to ECB rate cut, economists say

There was no October surprise from the European Central Bank Thursday as
its Governing Council voted to leave its key lending rate unchanged at
4.25% despite a rapidly deteriorating economic outlook and rising
turmoil in the European banking sector.

UBS expects to post small profit, cuts mortgage exposure

UBS expects to return to profit in the third quarter after substantially
reducing its exposure to U.S. commercial and residential mortgages.