SEC extends short-selling ban for financial stocks

[dipsydoodle]

Source: Associated Press

WASHINGTON (AP) — Federal regulators on Wednesday extended an unprecedented ban against all short-selling in the shares of more than 800 financial companies, keeping it in place at least until after Congress enacts a massive financial bailout plan.

The Securities and Exchange Commission announced the extension of the ban, which was put in on Sept. 18 in a bid to shore up investor confidence in the face of the spiraling market crisis.

The ban, which was to expire Thursday, now will last until the third business day after enactment of the $700 billion financial bailout plan now before Congress. It will end no later than Oct. 17.

Late Wednesday, the Senate passed the bailout plan, which appeared to be gaining ground in the House, where Republicans' opposition softened.

Read more: http://ap.google.com/article/ALeqM5j1qYpENSJmaTaTiLWSUFodScpFTwD93I59R00

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If this a dupe please move it. Article refers to 8 hours ago only.