The unemployment picture
is worrisome at 7.6% in January, but no worries, all will be saved on
Monday as President Barack Obama announces how the second half of the
$700 billion bank rescue money will be spent. At least that might
explain the Dow Jones Industrial Average's rally for the second
straight day, gaining 217.52 points to close at 8,280.59 on Friday as financials soared in hopes of a government plan to buy up toxic
bank assets (the original intent of the Troubled Asset Relief Program).
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Bank of America Corp. skyrocketed 26.65% to close at $6.13 per
share as its CEO Ken Lewis appeared on CNBC dismissing rumors that the
bank could be facing nationalization.
Other big bank gainers
included J.P. Morgan Chase & Co., which climbed 12.59% to close at
$27.63 per share, and Citgroup Inc., which jumped 10.76% to close at
$3.91 per share.
Avigen Inc. was a standout among deal stocks,
increasing 7% to close at $1.07 per share on news that the Alameda,
Calif., biopharmaceuticals company rejected a bid from BVF
Acquisition LLC for $1 per share, or about $30 million. -
Michael Rudnick
