Stocks reacted positively to Treasury Secretary Geithner’s statement that a “vast majority” of banks are in sound financial condition.
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[li][B]Geithner Says Most Banks Are Healthy[/B] [/li][li][B]Yahoo Earnings Beat Estimates When Excluding Currency Losses[/B][B][/li]
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[B]Geithner Comments Boost Stocks, Yahoo Buoys Technology[/B]
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Stocks reacted positively to Treasury Secretary Geithner’s statement that most banks are in sound financial condition. Indeed “currently, a vast majority of banks have more capital than they need to be considered wel lcapitalized by their regulators,” Geithner said in testimony to U.S. larmakers today. Strong earnings reports helped bouy stocks also, with many big names beating the street. Yahoo, the U.S.’ second-largest search engine reported revenes that, when excluding losses on exchange rate fluctuations, beat Wall Street estimates.
[B]Dow 30 7969.56 +127.83 +1.64%[/B]
Dow stocks had a mostly positive day with only the Health Care sector finishing the day down after the drug-maker Merk reproted earnings that were shy of analyst estimates.
[B]SPX 500 850.08 +17.69 +2.13%[/B]
Implied volatility on the S&P 500 dropped a whopping 5.2% as stocks did little waivering on their ascent towards profitability.
[B]NAS 100 1643.85 +35.64 +2.22%[/B]
Tech stocks performed strongly after Yahoo, the U.S.’ second-most popular search engine, reported earnings that, when excluding losses due to exchange rate fluctuations, beat that of Wall Street forecasts.
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