Equities Roundup: Financial Stocks Pushing Markets Higher After Irene Subsides

Equities Editors Desk  |


Hurricane IreneWall Street is trading up today, led by financial stocks, as investors calm nerves after Hurricane Irene passed and caused less damage than many expected. Insurance stocks benefited most with companies like Travelers (TRV) and All State (ALL) up 5 percent to 7 percent. Wall Street had anticipated much more significant disruptions and damage claims from the storm, so a lot of today's rally could be attributed to market relief that things could have been significantly worse. Another financial stock getting a boost is Bank of America (BAC), which said it plans to raise $8.3 billion in cash by selling 13.1 billion shares, or half of its holdings, of China Construction Bank. Bank of America had been battling public perception that the U.S.'s largest bank was insolvent due to the mortgage debacle it inherited with the Countrywide acquisition and Merrill Lynch bailout. The bank had already received a hefty $5 billion investment from Berkshire Hathaway's (BRK.A) Warren Buffett last week. Oil prices moved up to $87 a barrel, while gold is trading flat.

DJIA: 11,487.86 (+1.80 percent)
S&P 500: 1,202.27 (+2.16 percent)
NASDAQ: 2,544.95 (+2.63 percent)
Russell 2000: 715.64 (+3.45 percent)

In other news:

Check back as more news develops.

 

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Companies

Symbol Name Price Change % Volume
TRV The Travelers Companies Inc. 125.20 0.02 0.02 1,880,168 Trade
BAC Bank of America Corporation 30.13 0.46 1.55 82,019,603 Trade
ALL Allstate Corporation (The) 93.42 0.00 0.00 1,907,415 Trade

Comments

Emerging Growth

CMX Gold & Silver Corp.

CMX Gold & Silver Corp is an exploration stage company. The Company is engaged in the acquisition, exploration and development of silver and copper/gold properties in the USA.