This Day On The Street
Continue to site
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

Capital One: Washington Obstinacy Loser

NEW YORK ( TheStreet) -- Capital One Financial (COF - Get Report) was the winner among the largest U.S. banks on Wednesday, with shares declining 2% to close at $58.72.

The broad indexes pulled back after the Whitehouse said that President Obama would veto a proposal by Speaker of the House John Boehner to avert the Fiscal Cliff by limiting the increase of federal income tax rates to increase on couples earning $1 million a year or more, in the unlikely event that a bill of this type would be introduced, pass both the house and the Democrat-controlled Senate, and find its way to the president's desk.

White House Communications Director Dan Pfeiffer released a "Fact Sheet," saying that Boehner's plan would "raise taxes by an average of $1,000 on 25 million working families with children and students," as it would "not continue the American Opportunity Tax Credit and improvements to the Child Tax Credit and Earned Income Tax Credit."

The Census Bureau on Wednesday said that housing starts declined to a seasonally adjusted annual rate of 861,000 in November from a downwardly revised 888,000 in October. There was a bright note in the data, as residential building permits rose to an annual pace of 899,000 units in November from an upwardly revised 868,000 in October.

Bank stocks took a breather, with the KBW Bank Index (I:BKX) down slightly to close at 51.22, with all but five of the 24 index components seeing declines.

UBS (UBS - Get Report) on Wednesday announced that it had agreed to pay $1.5 billion to global bank regulators to settle a probe against the company for manipulating its Libor rate submissions. The company also said that its Japanese subsidiary had "agreed to enter a plea to one count of wire fraud relating to the manipulation of certain benchmark interest rates, including Yen LIBOR." UBS admitted that employees "engaged in efforts to manipulate submissions for certain benchmark rates to benefit trading positions."

Large U.S. banks, including Bank of America (BAC - Get Report) and JPMorgan Chase (JPM - Get Report) have referred to litigation reserves related to regulatory probes over Libor submissions. Bank of America's shares were down 1.5% to close at $11.19, while JPMorgan was down nearly 1%, closing at $43.53.
1 of 2

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
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
BAC $14.56 0.00%
COF $72.39 0.00%
JPM $63.20 0.00%
UBS $17.27 0.00%
AAPL $93.74 0.00%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs