The market is getting a nice bounce in the first hour of trading, with the S&P 500 up as much as +3.0%. The bank index is leading the way, after yesterday’s drubbing, rallying +11.22%. Homebuilders and biotechs are lagging.The selloff yesterday afternoon was sparked by the House rejecting the financial relief plan. They saw the stock market’s response yesterday, and today they should look at the Libor market, which is the rates banks charge each other for short-term loans.Libor has surged as much as 430 basis[...]
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[Source: The Money Blogs]
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