jumped 10%. nokia zipped up 17. with monday s gains, last week s losses were wiped out. volume calmed to roughly half of last week s, the dow s three-day win streak the first in six weeks. bank of america up 8% on plans to sell its canadian credit card business. lowe s rose slightly, despite reporting weaker-than-expected quarterly sales. more deals monday, the world s number one drilling contractor, transocean, buying aker drilling. time warner paying $3 billion for insight communication. and cargill buying dutch animal nutrition company for over $2 billion. elsewhere, france and germany s leaders meet in paris trying to get a grip on euro debt. reportedly they will not be discussing a common euro bond. something struggling neighbors are calling for.
the dow closed up 213 points, the s&p up 25. nasdaq up about 47. with that all three indexes completely erased last week s losses. bumped and fueled in part by big m & a news. google picking ip about $12.5 billion. bank of america stock jumped, too. this after the company said it plans to exit the credit card business in canada and europe, and despite overall gains last week s volatility left behind battle scar. investors pulling out of mutual funds in mass hoping to reduce the level of risk in their port follow yoes. all eyes are now on europe where tomorrow german chancellor angela merkel and nicolas sarkozy are expected to meet to talk about the european december crisis. that could affect trading here at home. noi back to hardball.
allowing credit card rates and leverage for those credit cards to be decided based on where the bank issuing the credit card was based as opposed to where you the credit card holder lived. why does that matter? because now think of it like waziristan for bank scams. everybody goes to south dakota. they holed up. get south dakota, make whatever rules they want so who cares what state, california, texas or illinois, wants to protect you from credit card scams. they have no rights to do so because of the marquette decision from the supreme court. they all open up shop in liberal states. thank you, south dakota. jack up rates. bad news for us. how bad? take a look at the rise in personal bankruptcies which started shortly after the marquette decision to effectively allowed all of the tricks and traps and rates and all of the things that we all know go on in the credit card business. this amendment from sanders & white house will be voted on tomorrow. it would make it such that the credit c
reconciliation? i mean, here we go again. i mean, the righties are in the way. they don t want to move on wall street now. can we go reconciliation? can the senate go reconciliation on this kind of legislation? well, we will see. if i m not mistaken, in the coming days you re going to find some republicans looking over their shoulders and saying, you know what, people back home want me to do something. speaking go ahead. speaking of people back home, 59% of the american people according to the washington post /abc poll want more government oversight on consumer loans and credit cards. and also they were asked, do you trust the regulation to wall street? who do you trust? president obama, 52%, republicans 35%. let me say something on this credit card business. because we re going to offer an amendment. it s a pretty simple amendment. yep. it says that we have to end usury and outrageous interest rates on credit cards in the united states. 15% max which is what credit
atms. we are asking people to do this all over the country. it is a way to spread the volt and it costs nothing to do it. it is self-funded. we are not asking for donations. if you were to look at the credit card business as a business where i get free money from the government and then can gouge people and the politicians allow me to do that, are you surprised that in a democracy that that s considered a legal business model? taking taxpayer money, gouging taxpayers and taking millions of dollars out in the process? was that surprising to you? the ideology of the free-market extremists, what has gone on for the last 30 years is outrageous. it is surprising there hasn t been more outrage. i felt somebody s got to do something and i m going to take a crack at it. do you feel most people in