Stocks Rebound on Possible Bernanke Confirmation

Market News

• General Motors has finally brought its search for a new CEO to an end. The automaker has appointed interim CEO Ed Whitacre Jr. to the role. The decision was expected by many, but some are arguing that there is an inherent conflict of interest in having the CEO and chairman one and the same person.
• Assessing Whitacre’s Extended Stay at GM’s Helm
• Federal Reserve Chairman Ben Bernanke’s confirmation for a second term is being surrounded by a cloud of uncertainty as opposition against the Chairman continues to grow. Sen. John McCain has made a firm decision to vote against a second term for Bernanke. Despite the number of senators coming out against a second term, there are still a lot of people supporting the Chairman.
• A Failure of Capitalism – The Bernanke Confirmation Battle
• The Case Against Ben Bernanke
• Video – Bernanke Good for Markets?
• Bernanke Versus Geithner – Who Goes First?
• U.S. Home Resales Tumble – Sales of existing US homes plunged more than anticipated in December after three straight increases made possible by the federal government’s tax credit for first-time buyers. Purchases slumped 17 percent the month after a government tax credit was originally due to expire.
• Instead of rolling back prices, Wal-Mart (WMT) is rolling back employees. The nation’s largest retailer has decided to slash 11,200 jobs from its Sam’s Club stores. Wal-Mart is turning to an independent marketing firm to handle in-store product demonstrations at its warehouses.
• AK Steel Swings To Profits – Steel company AK Steel (AKS) swung to a fourth-quarter profit that was well above Wall Street’s expectations. The latest results included a $5.1 million charge associated with a change in tax laws in Pennsylvania.
• Halliburton Profit Falls by 48% – Halliburton (HAL) said its fourth-quarter profit tumbled 48 percent on weaker drilling activity and lower prices.

Other Interesting Tidbits

• Not Again! Beware The 4 New Asset Bubbles – Less than two years after the housing market collapsed, the U.S. economy is threatened by a new bubble in asset prices.
• Obama vs. your 401(k) – Stocks dropped sharply last week, as “anti-business” Obama took on Wall Street. Is your nest egg in trouble?
• Consumer-friendly credit cards? – New offers target folks who are fed up with issuers’ shenanigans. Here’s how cards from three of the biggest banks stack up.
• Spouses Who Invest Apart – Should you and your spouse split your money? The pros and cons.
• Why bankers haven’t earned bonuses — If the big banks really had straightened out their balance sheets and posted realistic results, they might be justified in handing out all that cash. But they haven’t.