New York Session – February 10, 2009 4:15 PM

by Trader Rich

Risk aversion returned to fore in a major way as the markets took Treasury Secretary Geithner’s lack of details on the Financial Rescue package as a bad sign and decide to shed risk. The passage of the massive +0 billion fiscal stimulus by the US Senate followed soon after but this had become a foregone conclusion after yesterday’s overwhelming procedural vote to end debate on the issue. The Senate and House will now convene in an attempt to hash out a single bill that will be voted on and presented to President Obama if passed. Expectations are for a bill to be on Obama’s desk by Friday, but any stall to this timeline could see risk assets head even lower into the weekend. Full text »

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