Spurred by reports that JPMorgan (JPM Quote) may increase its bid for Bear Stearns (BSC Quote) to $10 a share from $2 a share, financial stocks rallied Monday, bringing the broader market with them. The Dow and the S&P 500 each finished up 1.5%, and the Nasdaq added 3%.
On CNBC's "Fast Money" TV show, Jeff Macke said it's too late to be short financials. He said that JPMorgan's buyout of Bear is still a Federal Reserve-sponsored buyout, but now it's going to cost a little more. He noted that financial stocks screamed higher on the increased price for Bear Stearns. The Fed's actions have encouraged people to begin putting money back in the market, he said.
Jon Najarian said that strong earnings from Tiffany (TIF Quote) gave investors faith in the consumer. He said that the jeweler's earnings were key to the market's turn.
3 Stocks I Saw On TV |
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