The U.S. stock market rallied Monday after Standard & Poor's reaffirmed triple-A ratings on struggling monoline insurers MBIA (MBI Quote) and Ambac (ABK Quote). The Dow climbed 1.5%, the S&P 500 rose 1.4% and the Nasdaq ticked up 1.1%.
On CNBC's "Fast Money" TV show, Karen Finerman expressed confusion about the rally. She saw the market's move as a continuation of Friday's news of a potential bailout for the insurers.
However, she noted that despite the affirmation of MBIA and Ambac's triple-A ratings, which are crucial to their business, S&P issued a negative outlook. She saw the net result as null for the insurers.
Meanwhile, Pete Najarian drew viewers' attention to biotech stocks, which performed well "right out of the gate." He pointed to GTx's (GTXI Quote) new prostate drug, good news for Genentech's (DNA Quote) Avastin. He also predicted that the market will continue to be volatile, but the trading range should begin contracting. ...
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