Analysts focused on the modifications in the Federal Accounting Standards Board's proposed changes in mark-to-market regulations, and on the upbeat outcome of the G20 meeting:
FASB decision will help value bank assets, but big bank-stock buys should wait
PNC Wealth Management's Jim Dunigan said the latest action by the Financial Accounting Standards Board will help remove much of the uncertainty that has crippled the markets. In a mark-to-market environment, there was no market for questionable assets; this change will work with the Treasury Department's plan to help place values on them.
Investors can begin buying some of the higher-quality financial stocks, but should wait for the outcome of the stress tests before wading in too deep.