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Financials: Will A Sovereign Wealth Fund Provide Rescue?

Quote of the day comes from David Rosenberg, economist at Merrill Lynch, who noted, "There is widespread belief that no matter how bad the news is in the financial sector, there is a sovereign wealth fund out there ready to backstop the stock price."

This after a report in yesterday's New York Times discussing the "tremendous opportunities" that may be available to sovereign wealth funds investing in the U.S. financial crisis.

S&P Financial Index up about 13 percent from its November lows.

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  • A CNBC reporter since 1990, Bob Pisani covers Wall Street from the floor of the New York Stock Exchange.

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