Market Wrap: Geithner: 'Europe's No Lehman'; BP Blamed; No Love for Loeb; Austria in No Rush to Fund Fund

Market Wrap for September 14th, 2011:

End of the Day: Dow Jones up almost 141 to 11,246.73; Nasdaq up 40 to 2,572.55; S&P 500 up almost 16 to 1,188.68

The following is a brief summary of events moving markets today:

• Europeans don't even have a word for 'Lehman': U.S. Treasury Secretary Tim Geithner urged European leaders to act more forcefully in efforts to solve Europe's escalating debt crisis. "There is no chance that the major countries of Europe will let their institutions be at risk in the eyes of the market. There is not a chance," Geithner said. The Secretary also noted countries like Germany and France have the financial and economic capacity to "hold this thing together," and they wouldn't allow a Lehman-like collapse.
  
  Notably, Tim Geithner also said earlier in the year the U.S. wouldn't get a downgrade, though he was spot-on with needing to raise the debt ceiling.
  
  
• We choose you, BP!: Bp plc (NYSE: BP) was found to be ultimately responsible for the oil spill in the Gulf of Mexico. A report released Wednesday by the Bureau of Ocean Energy Management and the U.S. Coast Guard said BP, "made a series of decisions that complicated cementing operations, added risk, and may have contributed to the ultimate failure of the cement job." Click here for more color from the report. Both Transocean (NYSE: RIG) and Halliburton (NYSE: HAL) shared in some of the blame.
  
  Still, BP ended the session 5 percent higher.
  
  
• Hedge fund giant gets that 'un-loving' feeling: Yahoo! Inc. (Nasdaq: YHOO) Chairman Roy Bostock and Founder Jerry Yang had a conference call with hedge fund manager Dan Loeb of Third Point, who disclosed a 5 percent stake late last week. The conversation was mostly Loeb prodding Bostock about whether he'd also take responsibility for Yahoo!'s poor stock performance after firing Carol Bartz as CEO. Loeb reported the conversation was "unilaterally terminated" by Bostock. Click here for more color on the call.
  
  
• Wait, where did this section come from?: The Austrian parliament's finance committee voted against a motion to fast-track budget proposal aimed at funding Austria's contribution to an enhanced European bailout policy. The committee sought more time to evaluate the proposal. According to the WSJ, the move could delay Austria's approval of an improved European Financial Stability Facility (EFSF) until October.
  
  Basically, someone tried to squeeze an extra -- and important -- item into the parliament's agenda, and members want to ensure details behind the proposal before they move forward. Some initial confusion in the marketplace upon headline reaction smoothed when further color was released.
  
  
• Honk before you proceed: Avis Budget Group, Inc. (NYSE: CAR) dropped its bid for Dollar Thrifty Automotive Group Inc. (NYSE: DTG). According to the filing, Avis outlined efforts it took in the proposal, but ultimately "decided not to pursue a transaction at this time in light of current market conditions." Avis shares closed 6.3 percent stronger on the session.

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