This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Wednesday's Financial Winners & Losers

The ongoing credit crisis continued to crop up in various incarnations and make for a rollercoaster-like day, with the financial sector getting pulled from a morning jump to an afternoon slump that seemed to be easing just before a finish in the red.

The NYSE Financial Sector Index closed off 0.3% to 8,181.6, and the KBW Bank Index ended down 0.1% to 88.79.

One of the day's more positive developments was the progression of another Federal Reserve effort to inject liquidity into the market -- the first of four planned auctions allowing banks to borrow below the discount rate for 28 days. Out of 93 U.S. banks bidding $61.6 billion, the Fed today accepted $20 billion worth.

But putting a damper on things was new data from mortgage-research company RealtyTrac, which said that November foreclosures surged 68% from a year ago. This comes a day after the Fed proposed a plan to protect consumers from "unfair or deceptive" marketing practices that may have led to many of those foreclosures.

On thin ice at Standard & Poor's, meanwhile, were bond insurers Ambac (ABK), MBIA (MBI) and Security Capital Assurance (SCA). S&P gave them all a negative outlook, which means they're in danger of losing their AAA ratings. That might have far-reaching implications, since it could put into question the ratings of all the securities each has insured.

Ambac recovered to close up 1.8% at $27.46, but MBIA lost 2.5% and SCA gave up 1.5%.
1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG
FITB $20.85 0.00%
GS $205.02 0.00%
MCBC $5.40 0.00%
MA $94.39 0.00%
MS $39.25 0.00%

Markets

Chart of I:DJI
DOW 17,440.59 -127.94 -0.73%
S&P 500 2,067.64 -12.01 -0.58%
NASDAQ 5,039.7760 -48.8540 -0.96%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs