Banks remained in the spotlight as Treasury Secretary Tim Geithner testified that shoring up the banks may go beyond the $700 billion rescue plan. General Electric ( GE) however, topped the losers as the stock tumbled almost 10% and falling to 18-year lows. Concerns over the future and health of the financial arm continue to worry investors.
Bank of America ( BAC)traded sideways as investors tried to determine the results of the latest foreclosure plan unveiled by the White House. Fellow bank Citigroup ( C) could not hold onto early gains and began to slide as well as it grapples with its attempts to help homeowners and the White House's new plan. Wells Fargo ( WFC)was under pressure as it was reported that many homeowners owe more on their mortgage than their house is worth. And readers have decided that enough is enough for AIG ( AIG) according to a survey conducted by TheStreet.com. Top ten favorite Apple ( AAPL) raised eyebrows when it announced that the kindle would be available on the iPhone especially since Amazon ( AMZN) insists its already a big hit. Moving on to energy, British Petroleum ( BP) insisted that the dividend was secure even as competitors begin dropping the payout. Shipping favorite DryShips ( DRYS)rode the big wave as the sector soared on Wednesday. Industrial stocks got a boost from word of the Chinese stimulus plan taking effect with U.S. Steel ( X) jumping on the news. And finally, General Motors ( GM)managed to gain a few cents even after reporting dismal sales for February.