Here is your reason for why the market is up today.
J.P. Morgan Chase & Co., Bank of America Corp./ Merrill Lynch, Citigroup Inc., Wells Fargo & Co., Bank of New York Mellon Corp., State Street Corp., Morgan Stanley and Goldman Sachs Group Inc. will each receive a portion of the $250 billion dollars allocated to them.
Temporary solution to an even larger problem.
If the government is going to inject taxpayer money (essentially our money) into these banks, we mind as well become shareholders of these banks.
BAC is up 13%
MS is up 21%
GS is up 10%
And on fears of earnings reports (to be released tomorrow) JPM is down 4%
Labels: Featured Stocks, Finances