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Banks Lead Markets Higher
By: Avi   Wednesday, January 28, 2009 1:18 PM

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Markets are having a strong day ahead of the FED meeting in the PM. Dow is up 128, advancers over decliners 6-1 & NAZ is up 41. Banks are leading the charge from their depressed lows.

Wells Fargo (WFC), one of Berkshire Hathaway's big investments, rose 3.89 (24%) on what was considered a good report. They are a big home lender, which was responsible for their first loss in 8 years. The Wachovia acquisition also was a drag. But the stock gained 3.54 (20%) when WFC maintained the dividend & added it won’t need more federal aid.

Wells Fargo Has First Loss Since 2001; Shares Jump as Bank Keeps Dividend

Their announcement lifted all bank stocks as shown below:


S&P 500 FINANCIALS INDEX

Value
135.67
Change
12.83
% Change
10.4%

The Federal Reserve will issue a statement from their meeting this PM, but there is no room left for rate cuts. The FED will probably discuss their ideas about keeping (absorbing) bad loans. That idea is political & is difficult to evaluate. Even more than usual, what they say will move the markets.



The Alerian MLP Index continues on its recovery road.

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The above story is the opinion of the author only and it does not reflect iStockAnalyst opinion. Further, the author is not personally advising you regarding the suitability of the story for your investment needs. In no event iStockAnalyst will be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from or arising out of, or in connection with the use of this information. Please consult your investment advisor before making any investment decision.
  
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