Bank CEOs Defend Use Of Bailout Funds, Markets Rise
The markets rose during the midday with the Dow rising 60 points to 7949 as bank chief executives appeared before lawmakers to defend their use of bailout funds. Nasdaq gained 8 points to 1532.
Fourth quarter earnings for Marsh & McLennan (NYSE: MMC) eased but the results surpassed estimates.
Ingersoll-Rand (NYSE: IR) swung to a loss for the fourth quarter but the results beat expectations.
Modine Manufacturing (NYSE: MOD) warned of losses for the third quarter and is in discussions with its lenders to obtain a covenant waiver.
On the upside
Although XL Capital (NYSE: XL) widened fourth quarter losses due to over $1 billion in impairment charges, the results were better than analyst expectations.Fourth quarter earnings for Marsh & McLennan (NYSE: MMC) eased but the results surpassed estimates.
Ingersoll-Rand (NYSE: IR) swung to a loss for the fourth quarter but the results beat expectations.
On the downside
Stanford International Bank will not finance the merger between Emageon (Nasdaq: EMAG) and Health Systems Solutions which was supposed to close today.Modine Manufacturing (NYSE: MOD) warned of losses for the third quarter and is in discussions with its lenders to obtain a covenant waiver.
Fourth quarter earnings plunged for Great Plains Energy (NYSE: GXP) prompting the electric company to cut its full year guidance and lower its quarterly dividend.
In the broad market, advancing issues outpaced decliners by a margin of more than 2 to 1 on the NYSE and by 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks gained 4 points to 450.
