Thursday, December 3, 2009

Intraday action

Stocks are slightly down with a few minutes left in the trading day.  The DJIA is off 25 points.

Among DJIA members, Bank of America (BAC) was at one point up almost 7%, as investors cheered the announcement that the bank would be repaying TARP money in short order.  The stock gave back all those gains as the reality set it, that in order to pay back the TARP funds the bank would raise equity, diluting current stockholders.

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