Excerpt from: US Markets
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| February 23, 2009 | | Bank nationalization news wears out its welcome | When rumours of bank nationalization in the U.S. -- combined with a joint statement by U.S. government agencies promising to buoy up banks -- hit the newswires earlier today, a bank rally sent the U.S. stock market higher.
Now, though, spread bets and CFDs should consider that the euphoria over the bank rally is fading and that a retreat in tech stocks is erasing gains made earlier.
Indeed, concerns about the ongoing recession are putting focus back on possible earnings for companies, and not keeping things focused on the news that the U.S. government has pledged to basically do anything it takes to support the ailing banking system.
| Topic Tags: bank nationalization, Bank of America, bank rally, CFDs, Citi, contracts for differences, spread bets, spread betting, tech stocks, U.S. stock market | |
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