Reply #186: screaming and laughing like a lunatic before the close

[ozymandius]

Dow 11,035.24 Up 117.73 (1.08%)
Nasdaq 2,198.11 Up 18.20 (0.83%)
S&P 500 1,208.97 Up 16.27 (1.36%)
10-Yr Bond 3.491% Up 0.008
NYSE Volume 8,632,291,000
Nasdaq Volume 2,875,583,000

3:30 pm : Shares of Lehman Brothers (LEH 0.19, -0.02) are halted news pending, with the Wall Street Journal reporting that Barclays (BCS 22.49, +1.00) is buying Lehman's investment bank, which will save 9,000 jobs. The stock market climbs to session highs on the share halting, and then gives back some gains on the Journal report, apparently due to disappointment that Barclays is not buying more of Lehman.

The financial sector is up 3.5% and the energy sector is up 2.4%.

Six of the ten economic sectors hit fresh 52-week lows this session, including energy, materials, industrials, telecom, utilities and tech. Interestingly, the financial sector, which has been at the center of the recent downturn, is up 18% from its 52-week low that was reached July 15.DJ30 +62.53 NASDAQ +18.15 SP500 +11.43 NASDAQ Adv/Vol/Dec 1489/2.74 bln/1340 NYSE Adv/Vol/Dec 1289/1.67 bln/1904

3:00 pm : The major indices rebound after Bloomberg.com reports its sources said the Fed is reconsidering its stance on helping AIG (AIG 5.09, +0.33), and the company may get a loan package from the Federal Reserve.

Shares of AIG are now posting a gain on the day, after trading down as much as 73.7% to $1.25.

FDIC Chairwoman Blair said banks are safe and sound, according to Reuters. Blair added that insurance funds for deposits will be adequate to absorb any losses.

The S&P 500, Dow and Nasdaq hit fresh session highs. Eight of the ten sectors are posting a gain, with the financial sector up 4.1%.DJ30 +112.65 NASDAQ +14.61 SP500 +13.35 NASDAQ Adv/Vol/Dec 1375/2.47 bln/1426 NYSE Adv/Vol/Dec 1234/1.52 bln/1953