David Moenning's Daily State of the Markets: 1/28 Jan 28, 2009 10:18AM

Bad Bank On The Way?

Stocks moved up a bit yesterday on the back of some decent earnings from the likes of Texas Instruments (TXN), Travelers (TRV), Netflix (NFLX), American Express (AXP), US Steel (X), and Bristol-Myers (BMY). If you’ve been looking at our abbreviated earnings reviews each morning, you may have noted that not every earnings report is a disaster and that there are a great many companies actually making money these days. This, in and of itself, probably isn’t enough to cause much in the way of a celebration on Wall Street as almost nobody in corporate America is singing a happy song about the future. But it does help make the argument that we may be nearing a low from an economic standpoint.

However, despite the green screens and warm fuzzies derived from the earnings reports, our heroes in horns were not able to make much of ...