Equities Maintain Morning Gains
Financials are leading equities higher in the final trading day of Q1 after TSY Secretary Paulson announced a proposed overhaul of the financial regulatory system. Citigroup’s decision to set up an independent credit card business and reorganize consumer banking along geographical lines has lifted the stock over 3%.
Energy stocks are taking a beating as Crude Oil plummeted over 4% to trade around $100/bbl. Health care stocks are also lower following weekend reports that cholesterol drugs from Merck and Schering-Plough performed as well as generics. Dow Futures are up 46 to 12282. S&Ps are up 7.25. Nasdaq Futures are up 10.75.