MARKET ENDS WHIPLASH DAY LOWER
The Dow closed lower on Wednesday after President Obama warned of stricter oversight for Wall Street, raising the specter of greater regulation that investors fear could sap profits.
Obama's comments near the market close rattled investors however not every Dow component was punished.
In fact Bank of America soared on Wednesday largely due to comments from CEO Kenneth Lewis who said his bank does not need more federal aid and is in better shape than most rivals, even as "rumors, innuendo and falsehoods" cause its stock to fall.
Most bank stocks closed in positive territory on Wednesday as you can see from the KBW Bank Index of larger lenders. Investors sentiment was buoyed by Fed Chariman Ben Bernanke who again dismissed speculation that the government may nationalize big banks.
Meanwhile CNBC has learned the "stress test" program on banks with more than $100 billion in assets will be completed by no later than April. The tests will help regulators decide whether the banks have sufficient capital -- and the right mix of it -- to withstand any additional shocks to the economy over the next two years.