Banks Rally Big Before Bailout Weekend


Banks are up huge today, with Bank of America (BAC) leading the way, up over 20%. It’s nearly back to $6! Citigroup is up only 9% and still below $4. The rest are up a few per cent here or there.

Why? A big bailout is coming on Monday. We still don’t know what it is, but we’ve never heard the word nationalization uttered once, so we’re pretty sure it won’t be that. Meanwhile, there’s more grumbling about the end of mark-to-market — meaning we can all pretend the problem is going away.

See Also:
Geithner: We’re Announcing Bank Plan Monday But We Have No Idea What It Will Be