Phew! I am feeling so relieved about that whole little foreclosure-paperwork problem. Maybe all that stress I was feeling on Friday was over nothing. The financial stocks led the way today, and I logged a gain of 81 points.
I think I owe at least part of today’s victory to Citigroup, which basically said today on its third-quarter conference call that it won’t be too tripped up by legal foibles related to its foreclosure procedures. It also helped that the company beat Wall Street expecatations. Even though Citi isn’t one of my stocks anymore, it’s certainly one to watch.
Plus, when Bank of America said it was going to start kicking people out of their homes again soon, you could practically hear the investors cheering. The stock ended up 3 percent on the news. It’s a little early to know for sure, but maybe the banks can get around this problem.
Add to all of this a long-awaited rebound in homebuilder confidence, and Bob’s your uncle! Solid win to kick off what may be a great week.
The Dow Jones Industrial Average