Bank of America (BAC), Merrill Lynch (MER), Morgan Stanley (MS), JP Morgan Chase (JPM), Bank of New York (BK), State Street Corp (STT), Wells Fargo (WFC), Goldman Sachs (GS), and Citigroup (C) will be the first nine banks to be capitalized by the US government, and will be followed by the funding of “thousands” of smaller banks once these top nine start lending.
Today was another good day for the financial sector, despite the Dow dropping 76 points of yesterday’s profits and most sectors slipping back into the red. MER pulled back into the green for me today, bringing the tally to 4 greens and 12 reds. So things are slowly coming back. National City (NCC) and Regions Financial (RF) respectfully made 34% and 28% gains today, so I’m guessing they’ll be the next to return from the dark side.
The Dow closed at $9,311, showing that investors gave back just a fraction of the almost $1 trillion made [back] yesterday on Wall Street. Crude oil closed down 2.56 dollars at 78.63.
