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The government is providing auto lender GMAC with $7.5 billion in fresh aid to enable it to make new loans for General Motors and Chrysler vehicles.
Stock markets are just at the beginning of a larger rally which could see the major indexes jump another 20-to-30 percent and banks are the best bet, Michael Browne, portfolio manager from Sofaer Global Research, told CNBC.
The bears seized control of the stock market on Wednesday; and intense selling into the close left both the Dow and S&P in the red for the day.
Stocks ended lower Wednesday as banks and techs pulled back and comments from the Fed poured water on the flicker of optimism.
Stocks pared their gains on Wednesday as banks pulled back but investors remained hopeful that the worst may be over for the economy. Treasury Secretary Timothy Geithner told a Senate panel that financial markets are "starting to heal" and that a program to remove toxic assets from bank balance sheets would begin in the next six weeks. Read and listen to what experts had to say...
Stocks pared their gains Wednesday as banks pulled back but investors remained hopeful that the worst may be over for the economy.
Stocks started the day strong, gave up much of their gains midday as financials, retailers, and housing stocks sold off, and have now been making a modest comeback.
With trillions still sitting on the sidelines is there a real resiliency in stocks? Or are gains being driven by irrational exuberance?
Following are the latest Fast & Furious trades. How should you game the key questions -- into the close?
Stocks continue to gently whipsaw Wednesday, but the Vix volatility/fear index is still subsiding. Art Cashin, UBS Financial Services director of floor operations, offered CNBC his stock-market insights.
With its shares up almost 20% from where it priced its massive offering of stock late yesterday, hedge funds that got sizeable allocations of Bank of America shares are crowing, while many accounts that got cut back severely on their requests are cursing.
There was very good news out yesterday from the financial sector on efforts to raise money via share sales. One major financial institution was successful and one regional institution announced their intentions. This comes on the heels of successful capital raises $8.6 billion from Wells Fargo and $4 billion from Morgan Stanley.
Bank of America up 5 percent pre-open on successful capital raise; financials again reassert leadership.
Stock index futures pointed a higher open Wednesday as investors looked for insight on the Federal Reserve's recovery strategy and Bank of America moved to boost capital.
Bank of America has priced 825 million shares at $10 each, sources familiar with the offering told CNBC. Shares were volatile in extended trading.
Stocks start Wednesday in what could be a low volume walk up to the three-day Memorial Day weekend. With the absence of much other news, traders this week have been looking over their shoulders at the credit markets, where a rush of new debt issuance is flashing positive signs for the economy.
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After hours the Fast Money desk reported shares of Bank of America were moving sharply lower. What's going on?
Stocks ended a rocky session mixed as a banks rally fizzled and an unexpected drop in housing starts left investors a little shaky. Still, a gauge of fear dropped below a key level.