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Published December 3, 2008 at 6:06 PM
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The market was wearing one of its holiday colors, green, as a late-day surge helped push the Dow to a triple-digit gain, and the Nasdaq jumped nearly 3%, helping Deal Stocks rise. Overall, the Dow finished up 172.60, or 2.1%, to 8,591.69, and the Nasdaq finished up 42.58, or 2.9%, to 1,492.38.
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One company that received significant attention was Constellation Energy Group Inc., which received an unsolicited $6.5 billion bid from French power company Electricité de France SA for half of its nuclear business and other assets. The bid attempts to trump Warren Buffett's MidAmerican Energy Holdings Co.'s offer of $4.5 billion. News of the counteroffer pushed shares of CEG up nearly 10% to close at $27.70.
Meanwhile, financials were bullish as Morgan Stanley, J.P. Morgan Chase & Co, Citigroup Inc. and Wachovia Corp. finished in the green as mortgage applications filed last week rose a seasonally adjusted 112.1%, compared with the week before, as borrowers rushed to lock in lower rates, according to the Mortgage Bankers Association's weekly survey. One of the two losers, however, was State Street Corp., which dropped on layoff news. - Gerald Magpily
Financials are merry!
Prices as of 4:30 pm ET |
| Name |
Open |
Close |
Change |
Market cap |
| JPMorgan Chase & Co. |
27.44 |
30.25 |
1.72 |
112.9 B |
| Merrill Lynch & Co., Inc. |
11.07 |
12.43 |
0.87 |
19.88 B |
| Goldman Sachs Group, Inc. |
63.07 |
68.95 |
3.95 |
27.26 B |
| Morgan Stanley |
11.47 |
13.85 |
1.81 |
14.71 B |
| Citigroup Inc. |
6.87 |
7.82 |
0.6 |
42.62 B |
| Fannie Mae |
0.75 |
0.84 |
0.02 |
904.01 M |
| Freddie Mac |
0.74 |
0.82 |
0.05 |
530.67 M |
| Bank of America Corp. |
13.7 |
15.05 |
1 |
75.51 B |
| Wachovia Corporation |
4.83 |
5.44 |
0.45 |
11.76 B |
| Wells Fargo & Company |
24.86 |
28.1 |
2.21 |
93.44 B |
| American International Group, Inc. |
1.82 |
2.01 |
0.14 |
5.41 B |
| Sovereign Bancorp, Inc. |
2.25 |
2.43 |
0.03 |
1.61 B |
| National City Corp. |
1.62 |
1.82 |
0.13 |
3.71 B |
| Fifth Third Bancorp |
8 |
7.9 |
-0.65 |
4.56 B |
| Capital One Financial Corp. |
28.07 |
31.59 |
2.3 |
12.37 B |
| SunTrust Banks, Inc. |
26 |
28.64 |
1.48 |
10.14 B |
| U.S. Bancorp |
24.75 |
27.91 |
2.14 |
48.97 B |
| Regions Financial Corp. |
8.69 |
9.94 |
0.69 |
6.88 B |
| KeyCorp |
7.54 |
8.18 |
0.23 |
4.05 B |
| PNC Financial Services |
42.16 |
46.98 |
3.72 |
16.35 B |
| BB&T Corporation |
26.05 |
27.6 |
0.42 |
15.25 B |
| The Bank of New York Mellon Corp. |
26.34 |
29.59 |
2.45 |
33.96 B |
| State Street Corp. |
36.62 |
36.6 |
-0.33 |
15.81 B |
| American Express Co. |
20.04 |
21.87 |
1.11 |
25.37 B |
Source: TheDeal |
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