Investors wait on earnings reports
A trader at the New York Stock Exchange
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Scott Jagow: The last couple days, the stock markets have been rejoicing over government interventions and bank takeovers. But now, it's back to the economic realities -- and the potential ugliness -- of corporate profit reports. We get two biggies this morning, Wells Fargo and JPMorgan Chase. Here's Jeremy Hobson.
Jeremy Hobson: With major government actions sending the market down 700 points one day and up 900 the next, it's tough for investors to price recent events in the financial sector into bank stocks. So Nancy Atkinson, a senior analyst at Aite group, says investors will be watching today's earnings reports.
Nancy Atkinson: I think the market definitely wants to see what's going to happen with these earnings statements, especially in light of the government bailouts and what's being planned.
In other words, how much assistance will they need? After all, she says, the nation's banking system rests upon fewer pillars than it did last quarter, and investors want to be sure those pillars can carry the extra weight.
In New York, I'm Jeremy Hobson for Marketplace.