Word: banking
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...Bank of America (BAC) will need to improve its capital position by nearly $35 billion, according to several press reports. It may be able to sell its part of its stake in the China Construction Bank, which the FT says could bring in as much as $8 billion...
...activity is likely to remain below its longer-run potential for a while," said Bernanke in his testimony to the Joint Economic Committee on Tuesday. That means unemployment will keep rising even after the economy has stopped shrinking. And if unemployment keeps rising, consumer spending won't rebound strongly, bank-loan losses will keep rising and a recessionary relapse isn't out of the question. The next monthly employment report, due Friday, is expected to show continued heavy job losses. So no signs of a reprieve from that quarter...
...stocks up 36% in less than two months, is here to stay. They say stocks will rise another 10%, before the market stalls. That would leave the Dow Jones Industrial Average at around 9,200, or about where it was in early October, just after the initial $700 billion bank rescue plan was passed by Congress, though still well off the market high of 14,000 set two summers...
...recent report analyst Mary Ann Bartels of Bank of America/Merrill Lynch told clients she thinks the current rally is being driven by outright buying, and not just by short sellers closing out their positions which involves a stock purchase. "The market rally can continue," she says...
...When she got to her feet, the knees of her pants were frayed and bits of gravel clung to the fabric, but she didn’t brush them clean or in any other way distract her focus from the figure kneeling on the opposite bank. The dark shape across the water grew elongated, also standing. They faced one another with the Feather River in between. In two or three more hours? they would kneel again and drink.”Among prose stylists, Denis Johnson has few living equals. His finest moments bristle with beauty and potential; words blossom...