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Tuesday, October 14, 2008
Airlines Up For Second Day On U.S. Plans To Bolster Economy
Christopher Hinton
MarketWatch Pulse
NEW YORK -- Airlines got another lift Tuesday after the U.S. provided more details of how it plans to buttress the economy and banking system. At last check, the Amex Airline Index rose 4% to 19.49 points with all but one of its 14 components trading up. Meanwhile, the Dow Jones Industrial Average added 4% to 9,759 points following a U.S. plant to inject up to $250 billion into the country's largest banks to help support the sagging economy. Up were shares of American parent AMR Corp. , climbing nearly 6% to $9.40; United parent UAL Corp. jumped 10% to $7.73; and Continental rose nearly 5% to $13.51. Down were shares of SkyWest , off a fraction to $14.19.
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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.
