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Despite Lehman And Merrill, Financials Rally At End

Thursday, 11 Sep 2008 | 4:11 PM ET

Both Lehmanand Merrilldropped notably in the last half hour. Lehman traded north of 450 m shares today, a record, down 41 percent.

Merrill traded around $20 most of the day, but then slid below $20 in the last half hour as well, down 17 percent on 145 m shares, 3 times normal.

However other financials rallied notably into the close, many that were negative on the day ended positive.

As oil has continued to drop, approaching $100, we have continued to see airlines rally...US Air,United,both up double digits today.

Gasoline refiners were up as gasoline futures have been up, trading in opposition to oil. Sunoco and Tesoro both up about 10 percent.

Other commodity stocks also have shown signs of stabilizing: for example coal and steel stocks were up for a second day in a row after 7 brutal days of selling.

Finally, railroads were up mid-single digits as CSX raised their full-year guidance.

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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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