Stocks Rally After Management Shakeups (YHOO, BAC)

Markets were particularly strong today, with the DJIA up by 275 points and Nasdaq up by over 3 percent. A series of high profile executive sackings took place, and were met with a strong positive response from investors. The first was Carol Bartz being fired over the phone from her position as CEO of Yahoo! (YHOO). As a result, the company’s stock was up over 5 percent today. Over at Bank of America (BAC), the heads of the wealth management and consumer banking units were let go and replaced, leading to a 7 percent rise in their stock value.

Word on the Street

• Markets jumped over 2 percent today led by strong financial stocks.
• Yahoo!’s (YHOO) stock was up after Carol Bartz was fired as CEO.
• Bank of America (BAC) also shook up its management team, with a positive response from the market.
• The Federal Reserve has labeled the current economy as still “sluggish”.
• A German Court’s ruling on Germany’s participation in the euro bailouts helped buoy markets.
• Federal Reserve Chairman Ben Bernanke will be speaking later in the month.

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