Banks Battle Back, Stocks Surge, Geithner Optimistic
Stocks surged higher today after Timothy Geithner stated that most banks have more than enough capital to weather the downturn. His optimistic words and tone triggered a strong rally in the financial sector as bank stocks battled back from yesterday’s losses. Further good news emanated from the banking sector as Citigroup CEO, Vikram Pandit made it clear that he fully intends to pay back 100% of the government’s aid money. Positive word from the automakers with lenders agreeing to swap debt for equity positions added to the overall optimistic day. The DJIA soared +127.83 to 7969.562, the Nasdaq advanced +35.64 to 1643.85 and the broad based S&P 500 climbed +17.69 to 850.08.
Bank of America
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AutoNation
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Coach
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Zions Bancorp
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Oil climbed 0.63 cents to $46.51, Gold fell $4.80 to $882.70 and the fear index VIX eased by 5.21% to 37.14.
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