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Published December 8, 2008 at 11:49 AM
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Stocks rallied Monday morning. The Dow increased by 328.78 point to 8,964.20, the S&P 500 gained 33.70 points to 909.77, and the Nasdaq was up 53.91 points to 1,563.22. Financial stocks were mostly up after President-elect Barack Obama outlined his economic recovery plan, which includes an economic stimulus package that focuses in on
financial regulation and banking accountability.
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Morgan Stanley is up even though analysts are predicting it and competitor Goldman Sach Group Inc. will take massive write-downs in the fourth quarter. Also veteran dealmaker Gavin MacDonald, Morgan Stanley's global head of
mergers and acquisitions, died on Friday night at 47 years old. Merrill Lynch & Co.'s stock is up, as CEO John Thain is reportedly meeting with board members over recommended bonuses, including a $10 million for himself. Meanwhile, J.P. Morgan Chase & Co. won Financial News investment banking awards as European investment bank of the year. Another bank failed this weekend. First Georgia Community Bank closed and was acquired by United Bank of Zebulon, Ga. Here's a list of the failed banks so far this year. - First Georgia Community Bank; December 5, 2008
- PFF Bank and Trust; November 21, 2008
- Downey Savings and Loan; November 21, 2008
- The Community Bank; November 21, 2008
- Security Pacific Bank; November 7, 2008
- Franklin Bank; November 7, 2008
- Freedom Bank; October 31, 2008
- Alpha Bank & Trust; October 24, 2008
- Meridian Bank; October 10, 2008
- Main Street Bank; October 10, 2008
- Washington Mutual Bank; September 25, 2008
- Ameribank; September 19, 2008
- Silver State Bank; September 5, 2008
- Integrity Bank; August 29, 2008
- The Columbian Bank and Trust; August 22
- First Priority Bank; August 1, 2008
- First Heritage Bank; July 25, 2008
- First National Bank of Nevada; October 20, 2008
- IndyMac Bank; July 11, 2008
- First Integrity Bank; May 30, 2008
- ANB Financial; May 9, 2008
- Hume Bank; March 7, 2008
- Douglass National Bank; January 25, 2008
- Maria Woehr
Troubled Wall Street
Prices at 10:30am EST |
| Name |
Price at
open
|
Price
at 10:30am |
Change |
Mkt cap |
| J.P. Morgan Chase & Co. |
33.97 |
35.32 |
1.97 |
131.82B |
| Merrill Lynch & Co. |
13.71 |
14.52 |
1.48 |
23.22B |
| Goldman Sachs Group Inc. |
73.87 |
77.40 |
6.68 |
30.60B |
| Morgan Stanley |
16.31 |
16.69 |
0.97 |
17.72B |
| Citigroup Inc. |
8.23 |
8.15 |
0.44 |
44.41B |
| Fannie Mae |
0.92 |
0.90 |
0.03 |
968.59M |
| Freddie Mac |
0.93 |
0.89 |
0.03 |
575.97M |
| Bank of America Corp. |
16.19 |
17.07 |
1.83 |
85.65B |
| Wachovia Corp. |
6.06 |
6.23 |
0.38 |
13.46B |
| Wells Fargo & Co. |
30.64 |
31.95 |
2.01 |
106.24B |
| American International Group Inc. |
2.04 |
2.02 |
0.08 |
5.43B |
| Sovereign Bancorp Inc. |
2.55 |
2.54 |
0.05 |
1.68B |
| National City Corp. |
2.07 |
2.07 |
0.05 |
4.21B |
| Fifth Third Bancorp |
8.54 |
8.49 |
0.23 |
4.90B |
| Capital One Financial Corp. |
34 |
33.01 |
0.29 |
12.92B |
| SunTrust Banks Inc. |
33.38 |
32.03 |
-0.12 |
11.34B |
| U.S. Bancorp |
29.49 |
29.36 |
0.45 |
51.51B |
| Regions Financial Corp. |
9.8 |
9.98 |
0.42 |
6.90B |
| KeyCorp |
8.96 |
8.60 |
0.21 |
4.25B |
| PNC Financial Services |
53.96 |
54.19 |
1.71 |
18.86B |
| BB&T Corp. |
29.83 |
29.56 |
0.39 |
16.33B |
| Bank of New York Mellon Corp. |
31.63 |
29.95 |
-0.17 |
34.36B |
| State Street Corp. |
41.49 |
42.94 |
2.66 |
18.54B |
Source: The Deal |
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