Governments are reaching in to help banks and this is giving Wall Street a chance to put some worries to rest over the financial system while giving exchange traded funds (ETFs) a chance to rally.
Stocks get a lift Thursday, as part of their up and down momentum for the week, as investors speculate over the health of U.S. banks, reports the Associated Press. Both the U.S. and British governments are ready to do more for banks to cut costs and smooth out rough areas.
Meanwhile, Obama has put a $4 trillion price tag on the new budget saying that is what it will cost to run the U.S. next year. That will be a whopping $1.75 trillion more than the President expects the government to raise in revenue, creating the largest federal deficit in real dollars since the country was fighting World War II, reports Kenneth Bazzinet and Michael Mcauliff for Daily News.
Listing a series of wasteful programs that have already been found, Obama said his administration was already piling up savings in the future.
- SPDR KBW Bank (KBE) up 10% in one day; down 42.6% over three months.