S&P 500
7,786.40
-0.29%
Dow Jones
53,720.10
-0.31%
Nasdaq 100
30,066.20
-0.22%
Russell 2000
3,065.32
+0.35%
FTSE 100
10,758.80
-0.37%
Nikkei 225
68,738.00
-0.56%

Investing

Odds Look Against Second Bernanke Rally

Photo of Douglas A. McIntyre
By Douglas A. McIntyre Updated Published
This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.

Invalid Image
Ben Bernanke will again be front and center today.  He is testifying before the House Financial Services Committee, but as usual the prepared remarks look identical to yesterday’s prepared remarks for his appearance before the Senate.  The focus again is over “when the recovery will come” but we are more interested in just how the Fed and Treasury will treat the banks regarding calls for “nationalization.”

What is interesting is that Bernanke again argues that the recession should end in 2009 with a recovery starting next year. The caveat is IF actions taken by the government lead to financial market stabilization.  He calls this supposition key to the recovery.

Again, what we won’t be listening for the Fed’s predictions.  How accurate have they been?  This is particularly the case since the Obama speech last night is being judged by Wall Street as a likely attack on the financial system and corporate America.  We care mostly about the “nationalization” talk.

Stay tuned for Bernanke’s Q&A because that is more perhaps more important than a redux speech.  So far, the markets aren’t exactly expecting a saving grace.

DJIA          7,211.23 (-139.71; -1.90%)
S&P500    757.42 (-15.72; -2.03%)
NASDAQ   1,412.67 (-29.16; -2.02%)

Jon C. Ogg
February 25, 2009

Contact [email protected] for any questions or corrections.

1INVESTMENTS ARE NOT FDIC INSURED • ARE NOT BANK GUARANTEED • MAY LOSE VALUE

Brokerage and Active investing products offered through SoFi Securities LLC, member FINRA(www.finra.org)/SIPC(www.sipc.org).2The probability of a member receiving $3,000 is 0.028%. If you don’t make a selection in 45 days, you’ll no longer qualify for the promo. Members must fund their account with a minimum of $50.00 to qualify. The probability percentage is subject to decrease. Members are only eligible for the Stock Award promotion upon opening their first brokerage account; subsequent cash brokerage accounts are ineligible for the promo, including for members with multiple accounts.

3Other fees, such as exchange fees, may apply. Please view our fee disclosure to view a full listing of fees.

4There are limitations with fractional shares to consider before investing. During market hours fractional share orders are transmitted immediately in the order received. There may be system delays from receipt of your order until execution and market conditions may adversely impact execution prices. Outside of market hours orders are received on a not held basis and will be aggregated for each security then executed in the morning trade window of the next business day at market open. Share will be delivered at an average price received for executing the securities through a single batched order. Fractional shares may not be transferred to another firm. Fractional shares will be sold when a transfer or closure request is initiated. Please consider that selling securities is a taxable event.

Follow 24/7 Wall St. on Google
Photo of Douglas A. McIntyre
About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

Continue Reading

Jon C. Ogg |

Bernanke: Downgrading Growth Continues

Jon OggBen Bernanke is testifying this morning before the Joint Economic Committee, and his speech is titled “Economic Outlook and…

Douglas A. McIntyre |

Bernanke: Regulator of Last Resort?

Federal Reserve Chairman Ben Bernanke has been giving a speech this morning at the Council on Foreign Relations in Washington…

Douglas A. McIntyre |

Bernanke Calls A Recession, Without The Words

Ben Bernanke is set to testify on in Washington D.C. before the U.S. House Budget Committee on the economic recovery. …

Douglas A. McIntyre |

A Voice Of Gloom At The Fed

Janet L. Yellen is the head of the Federal Reserve Bank of San Francisco and a voting member of the…

Douglas A. McIntyre |

Did Bernanke Really Promise No Nationalization?

As Chairman of the Federal Reserve, Ben Bernanke is still a powerful and influential figure whether he is considered a…

Douglas A. McIntyre |

Bernanke Outlines Future of Regulation, Sort Of

Fed Chairman Ben Bernanke has been speaking via satellite this morning since 9:30 AM EST before the Federal Reserve Bank…

Douglas A. McIntyre |

Bernanke Keeps Challenging ‘Too Big to Fail’ Notions

Fed Chairman Ben Bernanke has been out in his last three or four speeches now trying to address the “too…

Jon C. Ogg |

Bernanke Throws Up A Dud Speech Ahead of Obama

The highly awaited speech from Fed Head Ben Bernanke at the Economic Club of Minnesota is out, preempting the President…

Jon C. Ogg |

Bernanke’s Day-Two Comments… Watch Q&A

Federal Reserve Chairman Ben Bernanke is testifying in front of Congress again this Wednesday in a “Day-Two” of what was…

Top Gaining Stocks

Copart
CPRT • Vol: 17,358,449
AMD
AMD • Vol: 25,570,334
Fox
FOX • Vol: 1,069,104
Seagate Technology
STX • Vol: 5,246,750
Fox
FOXA • Vol: 7,501,474

Top Losing Stocks

Coterra Energy
CTRA • Vol: 73,319,495
Broadcom
AVGO • Vol: 29,513,308
GoDaddy
GDDY • Vol: 2,085,032
Applied Materials
AMAT • Vol: 13,132,341
CrowdStrike
CRWD • Vol: 6,750,293