Dow Rallies Back, Financials Lead The Way
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The Dow briefly moved into positive territory after trading down over 300 points earlier. Financial are leading the way. Short covering in the heavily beaten-up sector is likely contributing to the move.
The recent aggressive rate cuts, government stimulus and potential bailout of bond insurers MBIA Inc. (NYSE: MBI) and Ambac Financial (NYSE: ABK) has shorts locking in gains.
Stocks: Merrill Lynch (NYSE: MER), Citigroup (NYSE: C), Bear Stearns (NYSE: BSC), Goldman Sachs (NYSE: GS), Wachovia (NYSE: WB), Bank of America (NYSE: BAC).
The recent aggressive rate cuts, government stimulus and potential bailout of bond insurers MBIA Inc. (NYSE: MBI) and Ambac Financial (NYSE: ABK) has shorts locking in gains.
Stocks: Merrill Lynch (NYSE: MER), Citigroup (NYSE: C), Bear Stearns (NYSE: BSC), Goldman Sachs (NYSE: GS), Wachovia (NYSE: WB), Bank of America (NYSE: BAC).
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