A reconstitution of the Russell Indexes occurs at the close of Wall Street trading Friday, reflective of the growth vs. value debate.» Read More
The two factors moving the market today were 1) the drop in oil, now down almost 10 percent in two days, and 2) the rally in financials.
Banks are oversold and cheap by historical standards, and while a few that report decent numbers will definitely bounce, it is unlikely to eliminate worries over more capital raising. There's additional worries, as now many are concerned with deterioration in other parts of the banks' portfolios...
With the ISM Numbers coming out today, this will be the first major economic indicator of the second quarter. The previous reading came in at 48.3 and consensus is for further contraction. Today's reading, just in, came in at 48.6 and is better than expected. Here are some stocks that moved after the last ISM reading.
In theory, Treasury Secretary Paulson's announcement that he wants to shake up the regulatory environment on Wall Street is the main news.