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The quarterly reports for the big banks were terrible across the board, but stocks are up because the psychology and the method of valuing bank stocks have changed, said Richard Bove, financial strategist at Rochdale Securities.
The level of hesitancy in the market is so palpable you can almost taste it. Volume has dried up from even the last few months tepid pace. It seems that investors are waiting for someone else to jump in and make the first move.
Credit ratings agency Standard & Poor's on Wednesday cut ratings on 18 banks amid concern about further weakening in the financial sector.
The 30-year Treasury auction Thursday was met with strong response as the bid-to-cover ratio was a strong 2.68 to 1. The past few auctions were covered 2.21 on average.
Why are traders flooding bearish positions on Zions Bancorp on Tuesday?
While indicating a modestly lower open earlier this morning, the markets turned around late in the morning on a strong rebound in financials and the digestion of a series of less pessimistic comments by corporate executives.
Many of the recent fixes in the financial sector are merely "window dressing" and problems still persist in the banking sector, says veteran baking analyst Michael Mayo.
The Lightning Round is extended in this CNBC.com exclusive feature.
CNBC has obtained a letter signed by six house Representatives from New York State sent to Timothy Geithner, asking the Treasury Secretary to disregard the call for Citigroup to break its 20-year, $400 million investment for the naming rights to the New York Mets stadium.
The Treasury secretary should be careful. This analyst could easily undo his big announcement Tuesday.
Government bail-outs in the wake of financial wreckage have inundated news headlines across the globe. Capital injections by the government into leading American banks under the U.S. Troubled Asset Relief Program (TARP) have been redefined across multiple sectors. With so many institutions holding bad assets and seeking to tap TARP, a new index by the NasdaqOMX Group was introduced as the Government Relief Index (QGRI) to track the performance of U.S. listed companies that are participants of U.S. government sponsored relief programs such as TARP.
SunTrust, KeyCorp, Fifth Third, Comerica report substantial losses on writedowns or setting aside cash to cover loan losses.
A wash of earnings news and weekly jobless claims will help decide the market's course Thursday, but there's a good chance there will be follow through to Wednesday's rally.
Two specific sectors are showing weakness today (financials and materials) but for the same reason: earnings concerns.
The list of investors who say they were duped in one of Wall Street's biggest Ponzi schemes includes some of the world's biggest banks and hedge funds, the super rich and the famous.
As of yesterday afternoon, roughly 90% of the S&P 500 companies have reported earnings. Here's a look at which companies have had the biggest surprises so far...
The Treasury Department's $700 billion bailout plan, also known as the Troubled Asset Relief Program (TARP), is one of the main U.S. tools to address the financial crisis.
As of this morning, 227 (just over 45%) of the S&P 500 companies have reported earnings. Here's a look at which companies have had the biggest surprises so far...
Like we told you days ago consolidation in the financial services sector appears to be taking hold.
Will access to the Treasury's rescue fund spark mergers among regional banks?