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Published November 24, 2008 at 10:57 AM
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Stocks rallied Monday morning on banking news. The Dow was up 123.14 points at 8,169.56, the S&P 500 climbed up 15.39 points to 815.42, and the Nasdaq jumped 26.93 points to 1,411.28.
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Citigroup Inc. stock is back up after a $20 billion capital injection by the federal governement. Morgan Stanley is up after The Wall Street Journal reported that trading records indicate that Merrill Lynch & Co., Citigroup, Deutsche Bank AG and UBS indicated that the run on Morgan Stanley earlier this year was due to credit default swaps and a false rumor that Deutsche Bank had yanked a $25 billion credit line to the firm. Meanwhile, the FDIC announced that U.S.
Bank acquired the banking
operations of two new failed banks, Downey Savings and Loan
Association and PFF Bank & Trust, Pomona,
Calif. A third bank, Community
Bank, Loganville, Ga., was closed by the Federal Deposit Insurance Corp. on Friday and acquired by the Bank of Essex.
The banks that have failed this year are:
- PFF Bank and Trust, Pomona, CA; November 21, 2008
- Downey Savings and Loan, Newport Beach, CA; November 21, 2008
- The Community Bank, Loganville, GA; November 21, 2008
- 2008
Security Pacific Bank, Los Angeles, CA ; November 7, 2008
- Franklin Bank, SSB, Houston, TX; November 7, 2008
- Freedom Bank, Bradenton, FL ; October 31, 2008
- Alpha Bank & Trust, Alpharetta, GA; October 24, 2008
- Meridian Bank, Eldred, IL October 10, 2008; October 10, 2008
- Main Street Bank, Northville, MI; October 10, 2008
- Washington Mutual Bank; September 25, 2008
- Ameribank, Northfork, WV; September 19, 2008
- Silver State Bank, Henderson, NV; September 5, 2008
- Integrity Bank, Alpharetta, GA; August 29, 2008
- The Columbian Bank and Trust, Topeka, KS; August 22, 2008
- First Priority Bank, Bradenton, FL; August 1, 2008
- First Heritage Bank, NA, Newport Beach, CA; July 25, 2008
- First National Bank of Nevada, Reno, NV; July 25, 2008
- IndyMac Bank, Pasadena, CA; July 11, 2008
- First Integrity Bank, NA, Staples, MN; May 30, 2008
- ANB Financial, NA, Bentonville, AR; May 9, 2008
- Hume Bank, Hume, MO; March 7, 2008
- Douglass National Bank, Kansas City, MO January 25, 2008
- Maria Woehr
Troubled Wall Street
Prices at 10:00am EST |
| Name |
Price at
open |
Price
at 10:00am |
Change |
Mkt cap |
| J.P. Morgan Chase & Co. |
23.93 |
23.96 |
1.24 |
89427.28 |
| Merrill Lynch & Co. |
9.28 |
9.40 |
1.06 |
15037.48 |
| Goldman Sachs Group Inc. |
56.09 |
56.56 |
3.25 |
22366.19 |
| Morgan Stanley |
10.62 |
11.27 |
1.22 |
11968.55 |
| Citigroup Inc. |
6.11 |
5.74 |
1.97 |
31280.36 |
| Fannie Mae |
0.35 |
0.35 |
0.05 |
376.67 |
| Freddie Mac |
0.44 |
0.42 |
0.01 |
271.81 |
| Bank of America Corp. |
12.56 |
12.83 |
1.36 |
64375.54 |
| Wachovia Corp. |
4.33 |
4.41 |
0.28 |
9529.64 |
| Wells Fargo & Co. |
22.99 |
23.24 |
1.48 |
77278.67 |
| American International Group Inc. |
1.73 |
1.64 |
0.04 |
4411.50 |
| Sovereign Bancorp Inc. |
2.08 |
2.01 |
0.06 |
1334.52 |
| National City Corp. |
1.67 |
1.62 |
0.02 |
3298.43 |
| Fifth Third Bancorp |
7.56 |
7.42 |
-0.07 |
4284.95 |
| Capital One Financial Corp. |
27.78 |
27.00 |
0.17 |
10574.77 |
| SunTrust Banks Inc. |
24.35 |
23.99 |
1.54 |
8495.08 |
| U.S. Bancorp |
24.1 |
24.14 |
1.61 |
42355.51 |
| Regions Financial Corp. |
8.7 |
8.25 |
0.30 |
5708.64 |
| KeyCorp |
6.58 |
6.67 |
0.40 |
3301.70 |
| PNC Financial Services |
44.78 |
44.11 |
0.42 |
15356.53 |
| BB&T Corp. |
25.57 |
25.20 |
0.49 |
13922.68 |
| Bank of New York Mellon Corp. |
26.29 |
27.28 |
1.44 |
31305.62 |
| State Street Corp. |
31.78 |
33.94 |
2.16 |
14660.49 |
Source: The Deal |
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