The Reformed Broker, AKA Nouriel Houdini, here with today’s Market Recap…
The news hit this morning that Bank of America (BAC) needs another $35 billion to remain solvent…so how did the market react?
We took the money center banks through the f@ckin’ roof!
Here’s the 3 o’clock look at the sector:
|Industry Top Performers|
|Intraday Price Performance||% Change||Market Cap|
|KEYCORP [KEY]||+17.00%||$3.3 B|
|SUNTRUST BANKS [STI]||+16.58%||$6.0 B|
|BK OF AMERICA CP [BAC]||+15.50%||$69.4 B|
|CITIGROUP INC [C]||+15.11%||$18.2 B|
|WELLS FARGO & CO NEW [WFC]||+13.35%||$99.2 B|
The bulls rebelled against logic and the bears had the train tracks over their backs to prove it.
The broad market rally eased up a bit in the last hour of trading, but for the most part, fireworks went off everywhere all day.
I’m not 100% sure, but I may have seen Nouriel muttering to himself on a bench in Bryant Park this afternoon.
We got a raft of Nat Gas company earnings this AM, but the earnings front tonight is pretty quiet this evening.
Thanks for reading today and check in tomorrow for a special treat. In the meantime, enjoy the Arcade Fire doing Rebellion (Lies) live on Letterman.
Full Disclosure: I am currently long Wells Fargo (WFC) for customer and personal accounts