Market Recap: The Banks!!!
Posted May 6, 2009 by Joshua M Brown
[youtube=http://www.youtube.com/watch?v=5Mum6ggkBJs&feature=related]
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:
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
Tags: Bank of America , Banks , Market Recap , Nouriel Roubini
This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment.
The commentary in this “post” (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Ritholtz Wealth Management employees providing such comments, and should not be regarded the views of Ritholtz Wealth Management LLC. or its respective affiliates or as a description of advisory services provided by Ritholtz Wealth Management or performance returns of any Ritholtz Wealth Management Investments client.
References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others.
Wealthcast Media, an affiliate of Ritholtz Wealth Management, receives payment from various entities for advertisements in affiliated podcasts, blogs and emails. Inclusion of such advertisements does not constitute or imply endorsement, sponsorship or recommendation thereof, or any affiliation therewith, by the Content Creator or by Ritholtz Wealth Management or any of its employees. Investments in securities involve the risk of loss. For additional advertisement disclaimers see here: https://www.ritholtzwealth.com/advertising-disclaimers
Please see disclosures here.
… [Trackback]
[…] Read More on that Topic: thereformedbroker.com/2009/05/06/market-recap-the-banks/ […]
… [Trackback]
[…] Read More to that Topic: thereformedbroker.com/2009/05/06/market-recap-the-banks/ […]
… [Trackback]
[…] Info to that Topic: thereformedbroker.com/2009/05/06/market-recap-the-banks/ […]
… [Trackback]
[…] There you can find 11954 more Information to that Topic: thereformedbroker.com/2009/05/06/market-recap-the-banks/ […]
… [Trackback]
[…] Find More Information here to that Topic: thereformedbroker.com/2009/05/06/market-recap-the-banks/ […]
… [Trackback]
[…] Read More here on that Topic: thereformedbroker.com/2009/05/06/market-recap-the-banks/ […]
… [Trackback]
[…] There you can find 23191 more Info on that Topic: thereformedbroker.com/2009/05/06/market-recap-the-banks/ […]
… [Trackback]
[…] Info to that Topic: thereformedbroker.com/2009/05/06/market-recap-the-banks/ […]
… [Trackback]
[…] Find More Info here on that Topic: thereformedbroker.com/2009/05/06/market-recap-the-banks/ […]
… [Trackback]
[…] Here you will find 74120 more Information to that Topic: thereformedbroker.com/2009/05/06/market-recap-the-banks/ […]
… [Trackback]
[…] Read More here on that Topic: thereformedbroker.com/2009/05/06/market-recap-the-banks/ […]
… [Trackback]
[…] Information to that Topic: thereformedbroker.com/2009/05/06/market-recap-the-banks/ […]
… [Trackback]
[…] There you can find 83676 additional Information on that Topic: thereformedbroker.com/2009/05/06/market-recap-the-banks/ […]
… [Trackback]
[…] Info on that Topic: thereformedbroker.com/2009/05/06/market-recap-the-banks/ […]