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Minyanville's Market Recap: Financials Drag, S&P Lags


Stocks were lower for much of the day but a late day boost brought it back towards the green.

A rally in the last hour of trading pushed major indexes into positive territory. The Dow ended up 0.32% at 13,121.35, S&P ended down 0.03% at 1,445.53 , and the Nasdaq ended up 0.14% at 2508.59.

Stocks were lower for the most part of the day. Financials led the way as investors were unconvinced that Friday's cutting of the discount rate by the Fed was enough to calm the credit concerns of the markets. Please read Professor Limantour's In The Wake Of The Discount Rate Cut for more of a context of the Fed's decision.

Treasuries extended their gains as investors continue to seek quality. Bloomberg reports the yield on the Treasury bill fell the most since the stock market crashed in 1987 and more than the aftermath of 9/11.

Deutsche Bank (DB) shares fell 1.88% to $126.27 after the Financial Times reported the bank had utilized the Fed's discount window. DB refused to comment on the story but sources said it was taken to show support for the Fed's move. Have a look at Mr. Practical's Minyan Mailbag: Derivative Debt for more insight into current credit conditions. Also click on Toddo's Random Thoughts today as he mentions Deutche Bank and other companies and events that are included with his daily trading strategies.

In other company specific news for today, Suntrust Banks (STI) reported that it was eliminating 2,400 jobs by the end of next year as part of a plan to cut costs.

Oil fell lower as Hurricane Dean was forecasted to miss the South Coast of Texas. Scientists, however, do predict the storm to grow into a category five storm and hit Mexico's Yucatan Peninsula.

Retailers were largely mixed as many are set to report this week. One notable was Target (TGT) ending the day down 3.4% as the company is getting ready to report tomorrow before the bell. Read what Professor Macke has to say about Target in his article Retail Q & A: Target, Lowe's Home Depot and be sure to click here to access our full Trading Radar.

Below is a recap of the idea flow on today's Buzz & Banter. Please note that some stocks may appear on both bullish and bearish categories due to long and short term trades by our many Minyanville professors:

Some bullish trade or investment ideas: AIRM, FALC, DNDN, NMX, IBM, CSCO, GIFG, CROX, BSC, AAPL, AIV, OIIM, BRT, EGP, ISIS, HIW, BRCD, VMW, CLI, CCWR

Some bearish trade or investment ideas: NOV, GPOR, BBY, SPX, DB

Be sure to click on our news and views page for other reviews and trading ideas to help prep you for tomorrow. Have a good evening, Minyans! See you bright and early!
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No positions in stocks mentioned.

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