There was a selloff today, but it was on very light volume. Not surprisingly, bank stocks, which have collectively rallied 50 percent in the last three weeks, were down about 10 percent as a group. ... We are definitely heading toward some kind of denouement, and that can only be a good thing..
Would it be better for taxpayers if GM went into bankruptcy? That's what some are saying on Wall Street this morning.
Our Erin Burnett spoke with several bank CEOs as they emerged from a meeting with the President. While no hard news was made, the level of contentiousness seems to be much lower.
left/CNBC/Sections/News_And_Analysis/_Blogs/Guest_Blog/__COVER/fratto_t_100_2.jpg1100100010lefttruehttp://msnbcmedia.msn.comfalse1Pfalsefalsefalsefalse The Obama Administration is ending a positive week for them by bringing to the White House a group of big bank CEOs and today's meeting is a smart and powerful tool for the White House in trying to achieve their policy and message goals.
As we approach the end of a tumultuous quarter, it's time to do the bull-bear thing. First, a quick stat: Laszlo Birinyi noted this morning that the S&P 500's gain of more than 20 percent in a few days in March was the quickest 20% gains since 1938!
Stocks moved on three events today: 1) better than expected earnings from Best Buy, ConAgra, and Dr. Pepper, 2) a better than expected 7-year note auction has alleviate demand concerns, and 3) continued pressure on short sellers.
Did someone give the House of Representatives reasonableness pills? Treasury Secretary Geithner is testifiying in front of the House Financial Services Committee...his primary topic is tougher oversight of the financial system, but he is also touching on hedge fund regulation and the need to get credit default swaps on a regulated exchange.
Yesterday, we had some questionable reporting on US Treasury Secretary Geithner's comments on the US dollar.
The desire of many banks to give back TARP money—and the lack of a process to do so—is again a topic of converstation on trading desks this morning.