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Barney Frank: Uptick Rule Back Within A Month

Stocks continued to gain strength in mid-session on a report that the uptick on shorting stocks would be restored in a month.

Financial stocks, which would be the biggest beneficiaries of the rule, were already rallying on comments from Citigroup CEO Vikram Pandit spurred a wave of optimism about the sector.

Rep. Barney Frank, chairman of the House Financial Services Committee, said the uptick rule would be reimposed soon. The uptick rule bars investors from shorting a stock unless the last price change was higher. The rule helps prevent short-sellers from piling on a stock and driving it lower to make a profit.

link (10MAR09)

Stock Rally Fueled by Report on Uptick Rule
http://www.cnbc.com/id/29612897/site/14081545?__source=aol%7Cheadline%7Cquote%7Ctext%7C&par=aol