[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:
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
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