Stocks have fluctuated in recent minutes as Republican leaders from the
U.S. House of Representatives sounded optimistic about their progress
in discussions related to the federal asset purchase plan. However,
they remain noncommittal.
The gains in the financial sector have eased, but remain impressive. The sector is up 2.6% currently.
According to a CNBC spokesman, Citigroup (C 20.20, -2.30) is
considering a lawsuit against Wachovia Bank (WB 6.81, +2.90). Citi
planned to acquire Wachovia's banking operations in a deal brokered by
the FDIC. Wells Fargo (WFC 37.12, +1.96) emerged to make a
stock-for-stock transaction with Wachovia, in which it will acquire all
of Wachovia without the help of a government agency. Although, Wells
Fargo will issue $20 billion in securities to help maintain its capital
position.