Single Page | 
Multiple Pages
Home > BizTimes Daily > Archives > February 2, 2010
Stocks rise as Obama proposes lending program for small businesses
Published February 2, 2010 - BizTimes Daily
1 of 15 | Next 
President Barack Obama will propose today a $30 billion lending program intended to help community banks provide loans to jump-start the hiring by the nation’s small businesses.
The program, which Obama will outline at an appearance in Nashua, N.H., would invest $30 billion from the government's Troubled Asset Relief Program (TARP) in community banks to encourage them to lend to small businesses.
If approved by Congress, the program would provide incentives for small and mid-size banks to provide loans to small businesses.
The initiatives are part of the $3.8 trillion budget plan Obama sent to Congress Monday.
The stock market rose today, as investors absorbed the news about Obama’s small business plan and the National Association of Realtors’ report that pending sales of previously owned homes increased by 1.0 in December, better than expectations.
The Dow Jones Industrial Average rose by more than 85 points this morning, and local stocks in the BizTimes Stock Index followed suit. The largest local gainers this morning were Manpower Inc. (up $2.09 to $55.24) and Bucyrus International Inc. (up $1.76 to $55.49). The largest local decliners this morning were Weyco Group Inc. (down 19 cents to $22.51) and Koss Corp. (down 16 cents to $4.10).
