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Wednesday, October 01, 2008
Senate Approves Bailout Plan For Financial Markets
Robert Schroeder
MarketWatch Pulse
WASHINGTON -- The Senate approved a revised $700 billion U.S. plan to stabilize the financial industry on Wednesday night, just two days after the House defied President Bush and the leaders of both political parties and shot the original package down. Senators authorized the Treasury Secretary to buy bad assets off of companies' books, allowed the FDIC to raise its deposit-insurance cap to $250,000 from $100,000, extended several tax breaks and required government agencies to modify troubled mortgages. A vote in the House vote is expected on Friday.
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A specialist is a member of a stock exchange who works as an auctioneer for a specific stock and/or stocks. It can be an individual, partnership, corporation or group of firms.
The specialist works to maintain a "fair and orderly market" for respective stocks, matching up buyers and sellers by displaying the best "bid" and "ask" prices at its trading post. If buys are not equal to sells, the specialist evens the scale by buying or selling shares, accordingly. However, they cannot make their own transactions until all investor orders have been placed.
Gauging supply and demand, the specialist sets an opening price for the stocks in its domain. If a price has not been set by the time the market opens, the specialist can delay that particular stock's opening.
Specialists make money off the "spread," which is the difference between bid and ask prices on orders.
