Financial Business: After the Downgrades, Central Banks Part the Clouds
Bank of America , Citigroup , JP Morgan Chase & Co. , Wells Fargo & Co. , Goldman Sachs Group Inc. , US Bancorp. , Deutsche Bank AG , HSBC Holdings PLC , Barclays PLC , Lloyds Banking Group , Banco Santander S.A. are all up in the midst of S&P downgrade spree yesterday, but no matter, they’re surging premarket following the international central bank move to boost liquidity.
Don’t Miss: Gold and Silver Gain After Central Banks Launch Helicopters.
Bank stocks jump out of the starting gate after the central bank liquidity push; those shrugging off the S&P downgrades: JPM, MS, C. Many fund managers will be forced to sell if BAC closes below the $5 mark Bank of America , therefore it is looking to avoid falling below, if just for one more day.
Goldman Sachs shares see a spike in volume. This as Bloomberg TV reports CEO Lloyd Blankfein may be deposed in the Rajat Gupta insider trading case. Gupta allegedly passed tips to Raj Rajaratnam, the convicted hedge fund manager in one of the biggest insider trading schemes in history.
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