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Reporter
No surprises in the TARP repayment, but what's next?
As expected, 10 banks are being permitted to repay their TARP money, a combined $68 billion. Oddly, they didn't name the banks, but it's JPMorgan, Goldman Sachs, Morgan Stanley, US Bancorp, American Express, Capital One, BB&T, Bank of New York, State Street and Northern Trust.
For the most parts, these stocks drifted slightly lower after the announcement.
Now comes the hard part: financials do not have any obvious catalysts in the short term.
Now that the TARP is repaid, the focus will change to earnings and credit, and while some have focused on a steepening yield curve as a positive for banks (it is), much of the data around loan deterioration does not support a "green shoots" theory.
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- Stocks Lurking Near New Highs Again
- Risk Trade Is Back On
- This Week's Biggest Story: The Dollar
- Corporate Issuance Continues at Torrid Pace
- The Bernanke Dollar Bounce & Gross Says Forget About Rate Hike
- Colgate Really Sparkles After Hours
- Light Volume Has Traders Complaining
- Gold Shatters Another Record
- Have Retailers Reached Their Limits?
- The Retail Mind Game
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