Bad news was good news in the stock market Tuesday. Fears of a major writedown at Merrill Lynch ( MER) and a bearish growth outlook from Wal-Mart ( WMT) couldn't stop the Dow from climbing 100 points. The team at CNBC's "Fast Money" analyzed the day's events for investors.
Fears for FinancialsInvestors continue to be worried about the future of Bear Stearns ( BSC). CNBC reporter Charlie Gasparino cited the following four reasons for concern about Bear Stearns.
- The 6% stake by Chinese Bank Citic didn't push enough cash into Bear to provide the liquidity investors were looking for.
- Investors fear a large fourth-quarter writedown.
- Alleged improper trading at now defunct Bear hedge funds could lead to unfavorable settlements.
- Questions about the health and future of CEO Jimmy Cayne.