Market Recap: The Banks!!!


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

What's been said:

Discussions found on the web
  1. The Natural Penguin commented on Sep 22

    … [Trackback]

    […] Read More on that Topic: […]

  2. old facebook layout commented on Sep 25

    … [Trackback]

    […] Read More to that Topic: […]

  3. Bitcoin Era Review 2020 commented on Oct 01

    … [Trackback]

    […] Info to that Topic: […]

  4. immediate edge commented on Oct 01

    … [Trackback]

    […] There you can find 11954 more Information to that Topic: […]