Updated from 1:59 p.m. EST
Waiting for Geithner
(At 5:04 p.m. EST)
That's about as flat a day as you'll see on the
. Twenty of its 30 stocks
closed lower Monday
, but overall the index lost just 9.72 points to 8270.87. Once we get more information about the
, we can probably expect bigger moves in stocks -- the question is, which direction.
So for a day at least, traders were content to stay in a holding pattern.
led the gainers, moving up 13.9% to $12.64.
Bank of America
followed closely behind, registering a 12.4% increase to $6.89. Those two were also the most actively traded.
was the next best, tacking on 3.3%.
Among the laggards,
Procter & Gamble
had the steepest declines, down about 2.9% and 2%, respectively.
The Dow now is ahead by 3.4% in February, but in 2009 it's got a loss of 5.8%.
Big Move Up in GE
(At 1:47 p.m. EST)
was sharply higher Monday afternoon, soaring 14.7% to $12.73, making it the best percentage gainer on the
at this point. Volume was heavier than normal.
My colleague Dan Freed talked to a couple of folks who forwarded some theories. One money manager said it's probably coming from optimism before the new government-aid plan is revealed, and an analyst said some investors like the fact that GE appears to be willing to
A GE representative said the company didn't have any major news. Just passing along.
Do We Get to Find Out Now?
(At 11:31 a.m. EST)
tripped a bit early Monday, but recently the index rebounded to the flat line as traders awaited some actual detail on the Senate
bank bailout. With the week just two hours old, the Dow was down 11 points at 8270.
Financials were mixed.
Bank of America
was up 12%, and
was adding 3.6%, but
were slightly lower.
The Dow finished last week in
-- a little short-covering, some hope about the government's next rescue attempt helping out -- but whether that advance will be sustained is pure guesswork.
Will the new administration's approach turn things around? Maybe, though it's not a stretch to expect that no matter what proposals emerge this week, Wall Street won't necessarily like it. Traders can be a tough bunch to please.
Still, even if that proves to be the case, what we need now is some clarity. That will be a major step in the right direction. How much will be spent and on what? What can banks expect in terms of guarantees and timely aid?
Investors are going to eventually adapt to whatever comes out of Washington. Let's just get it soon and move on from there.
(Do you believe the government's plans will work? Vote in our poll to let us know what you think.)
As for other Dow stocks in the news,
said global same-sales rose 7.1% in January. Systemwide sales were up 2.6% for the month, or 9.1% holding currency rates steady. Following the announcement, shares were up 0.9%.
had a couple of pieces of news, including a report from
The Wall Street Journal
that the company has held discussions about reclaiming a large portion of
, which it spun off years ago and that later filed for bankruptcy. The report said the move could help GM get more aid from the government.
Separately, GM's vice chairman for global product development,
, has set plans to retire at the end of the year. The stock was tacking on 1%.