You are hereThe uptick rule could help this bull run. Hold your horses.
The uptick rule could help this bull run. Hold your horses.
The so-called uptick rule, which limits short-selling in stocks, could be restored soon, Rep. Barney Frank of the House Financial Services Committee said.
"I've spoken to Chair (Mary) Schapiro of the SEC. I am hopeful the uptick rule will be restored within a month," Frank told reporters.
His comments accelerated a rally in stocks, which were already gaining on Citigroup's comments that it was now profitable.
Frank was joined in his call by Senator Christopher Dodd who said on Tuesday that he favors reimposition by the U.S. Securities and Exchange Commission of the short-selling uptick rule.
"I wish they'd do it quickly," the Connecticut Democrat, who chairs the Senate Banking Committee, told reporters after a hearing on financial regulation reform.
The uptick rule allows short sales only when the last sale price was higher than the previous price.