Yes it was the AMBAC news that caused the rally and not short covering on its own.
More details on www.cnbc.com
So we should have a decent rally coming week, and the banks are a buy probably.
Stocks turn positive on Ambac report
| 22 Feb 2008 | 04:22 PM ET
Font size:
NEW YORK (AP) - Wall Street has pulled off a dramatic turnaround in the last hour of trading, closing higher amid word that a bailout plan for troubled bond insurer Ambac Financial could be announced next week.
CNBC has reported that a plan to help shore up the finances of Ambac Financial Group Inc. could be announced on Monday or Tuesday. Ambac shares are up sharply after the report.
The Dow Jones industrials have closed up about 96 points at the 12,381 level. They were down more than 100 earlier in the session.
Add to My Watchlist
What is My Watchlist?
 (20min delay)
|
|||||
|
Last
8,818.5 |
Change
-59.200(0.67%) |
Mkt cap ! n/a | |||
| Open | High | Low |
| 8,877.7 | 8,877.7 | 8,803.5 |
| XJO (ASX) Chart |