I really wouldn’t want to be a short-seller the next few days and weeks.
From the early reports:
Shares of financial firms also surged. Morgan Stanley was recently up 31%. Wachovia, which is said to be in possible merger talks with Morgan Stanley, jumped 28% premarket after climbing by 59% Thursday. Goldman Sachs Group, which along with Morgan is the last of the remaining big independent brokerages on Wall Street, gained 25% Friday before the bell.
American International Group added 28% premarket. New CEO Edward Liddy said that he hopes to keep intact as many of the company’s largest insurance operations as possible in a publicly traded company, after selling assets to pay back a federal loan.