Financial names are generating the most buzz — and some of the best returns for their shareholders — in a bumpy market today.
Berkshire Hathaway’s (BRKB) decision to buy back shares for the first time is the big news of the day, sending shares up 7%, but various other financial names are likewise making gains. Citigroup (C), for instance, is up a healthy 3% in midday trading. Deutsche Bank (DB) rose 7%, leading the overall German market higher. UBS (UBS) also rose 5% after the company’s CEO resigned amid questions about how a rogue trader lost more than $2 billion.
Clearly, there are still questions about whether the Euro zone can resolve its differences and agree on a plan to deal with sovereign debt and how a default could affect the region’s banks. Butjust like on Friday, investors have apparently overlooked those problems, at least temporarily.
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