Banks Rally Lifting Markets To Higher Open

Federal Reserve Chairman Ben Bernank's reassurances yesterday that banks will not be nationalized sparked a rally in the financial services sector to lift the markets to a higher open with the Dow rising 50 points to 7321. Nasdaq edged up 2 points to 1427.

On the upside

Morgan Keegan upgraded Synovus Financial (NYSE: SNV).

iStar Financial (NYSE: SFI) reversed year ago losses to post a profit for the fourth quarter.


On the downside

Psychiatric Solutions (Nasdaq: PSYS) disappointed with lower fourth quarter earnings that fell short of estimates as margins dropped and lowered its full year guidance.

Fourth quarter earnings for NII Holdings (Nasdaq: NIHD) plunged to fall far short of expectations due to mounting expenses and the Latin American wireless carrier forecast disappointing 2009 sales.

Although Cogent Systems (Nasdaq: COGT) reported higher fourth quarter earnings and revenue, the results missed expectations.

Inegrys Energy Group (NYSE: TEG) forecast 2009 income that falls far short of analyst expectations.

In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 2 on the NYSE and by nearly 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks added 3 points to 404.

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