So the market has reversed a negative tape.
This is largely due to a rumor now being televised that the SEC will reverse the mark to market accounting rules.
Hats off to Barry Ritholtz who seems to be the quickest to put this together.
Semiconductor stocks,the NASDAQ, and regional banks led the charge out of the hole this morning.
NYSE Percentage Gainers:
BMI, NED, LIZ, CUB, RF, ENS, DLB, BPO, SWS, HMN
NASDAQ Percentage Gainers
PIRMU, KELBY, APSA, WBNK, CVLY, DRKO, CTRN, PENN, UFPI, SFLY
Saying the United States faced a potentially irreversible economic crisis, President Barack Obama Thursday urged Congress to quickly pass a huge stimulus package as moderate senators scrambled to come up with a less expensive compromise plan.
“Each day we wait to begin the work of turning our economy around, more people lose their jobs, their savings and their homes,” Obama said in an op-ed column in Thursday’s Washington Post. “And, if nothing is done, this recession might linger for years …. our nation will sink deeper into a crisis that, at some point, we may not be able to reverse.”
Obama’s latest warning came as a group of Senate moderates considered possible cuts to the $900 billion economic stimulus package, hoping to create a compromise that will allow them to send the rescue plan to Obama’s desk.
Unusual Volume found on NASDAQ.com shows:
APA, TNDM, BBBB, AKAM, PENN
Keep your eye on the health care sector. Phillips says the time is right to buy.
AMSTERDAM (Reuters) – With billions of euros to spend and a global recession cutting asset prices, now is the time for Dutch group Philips Electronics (PHG.AS) (PHG.N) to seek out acquisitions for its healthcare business.
Philips wants to become a more predictable company by selling cyclical businesses and expanding into healthcare and lighting; and a 1 billion euro writedown in the fourth quarter is no reason to slow the pace but to push ahead, analysts said.
A look at what was in play this morning from Yahoo
Finally, Europe finishes mixed on the day
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