Wall Street Opens Up Strongly
The markets jumped out of the gate this morning, despite the huge fourth-quarter losses reported by Bank of America and Citigroup.
Why? Because Wall Street seems to think that these two big banks are starting to get their houses in order. Bank of America is lining up an additional $20 billion federal cash infusion and Citigroup is breaking up its parts, spinning off its brokerage and abandoning the "supermarket" approach it championed for the past several years.
In the first 20 minutes of trading, the Dow is up about 105 points, or about 1.2 percent.
The S&P 500 is up about 1.6 percent and the Nasdaq is up about 1.7 percent.
January 16, 2009; 9:51 AM ET
Categories: The Ticker | Tags: Bank of America, Citi, Dow Jones, bailout
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