Dow reverses after word of banks, NY regulator assembly on bond insurer rescue

January 23rd, 2008 | Category: Good News

Key regulators at the New York State Insurance office met Wednesday with U.S. banks to discuss raising new capital for bond insurers, a office spokesman said, Bloomberg News reported late Wednesday afternoon.

Talks in New York with unnamed banks are part of New York Insurance Superintendent Eric Dinallo’s effort to stabilize the bond guarantors and bolster the market’s financial condition, New York State Insurance department spokesman Andrew Mais told Bloomberg News.

Market rallies on insurer meeting

Word

of the assembly sparked a remarkable 600-point reversal rally on Wall Street, with the Dow closing the day up 298.98 points to 12270.17. The Dow had been down more than 300 points earlier in the day. The broader markets plus rallied.

Continue reading Dow reverses after word of banks, NY regulator assembly on bond insurer rescue

Original post by Joseph Lazzaro

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