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Another wild ride yesterday on the stock market roller coaster. US indices closed higher, though that was only thanks to a last hour rally that took the S&P from a 1.8% loss on the day to a 0.96% gain by the closing bell. Equities started the session weaker because of a disappointing Treasury auction. But then the big gain came from Bank of America (though with its ratings downgraded by Moody's) after its CEO gave an interview to the LA Times in which he said he wanted to start repaying the government's $45bn of assistance in April. Although Goldman has already indicated it wants to get back on its own two feet already, this is the first of the banks that took significant funds from the Treasury to make that claim.
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April 10th, 2009UncategorizedAnother wild ride yesterday on the stock market roller coaster. US indices closed higher, though that was only thanks to a last hour rally that took the S&P from a 1.8% loss on the day to a 0.96% gain by the closing bell. Equities started the session weaker because of a disappointing Treasury auction. But then the big gain came from Bank of America (though with its ratings downgraded by Moody's) after its CEO gave an interview to the LA Times in which he said he wanted to start repaying the government's $45bn of assistance in April. Although Goldman has already indicated it wants to get back on its own two feet already, this is the first of the banks that took significant funds from the Treasury to make that claim.