Banks had a tough day. At the low, the index touched a new low of 124. This week the S&P 500 FINANCIALS INDEX started at 155, but closed substantially lower (just another tough week):
| Value 130.10 | Change -3.18 | % Change -2.4% |
MLPs, REITs & junk bond funds found buyers in the PM, they rose modestly on the day. VIX pulled back 4½ to the 46s.
Oil finally had an up day, maybe because of all that cold weather out there. But it still remains down sharply from its start this month near 50.
| CLG09.NYM | ..Crude Oil Feb 09 | ...36.05 | .. 0.65 ......(1.8%) |
Chrysler Financial (a sub of Chrysler) will get a $1½B loan from the gov under TARP. This is a little controversial since the gov is financing a commercial business, but this loan allows Chrysler to remain in business.
•Chrysler Financial Gets $1.5 Billion Treasury Loan to Help Boost Car Sales
Almost $2B of client money at Morgan Stanley (MS) was invested in Bernie Madoff's funds. This information has come to light after their proposal to take of Citigroup's brokerage business.
•Morgan Stanley, Citigroup Clients Said to Invest in Fund Exposed to Madoff
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