Archived IMT (2008.10.03)

US House of Reps pases rescue package with a 263-171vote, prompting US stocs to erase more than half of their earlier 3% gains. The pre-vote rally in equities emerging on Buy on the rumor sell on the fact is tapering off. USD also loses ground against European currencies and the yen as focus returns to negative fundamentals i.e. deteriorating jobs. Stocks may continue to decline as traders attempt to force an intermeeting rate cut by the Fed and other major central banks.