Market this Wed 11/28

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Wells Fargo (WFC) announced that it will take a $1.4 billion charge in the fourth quarter to increase loan loss provisions related primarily to home equity loans. On a related note, Freddie Mac (FRE) said last night that it cut its fourth quarter dividend by 50%, as it warned it was likely to do, and that it is aiming to sell $6 billion of preferred stock.

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On a positive note, comScore reports that online sales this past Monday, known as “Cyber Monday”, rose 21% to a record $733 million.

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Fed Vice Chairman Donald Kohn helps give mrkts a boost after he says the fed must be “flexible and pragmatic” in setting policy.

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October durable goods orders were sluggish. The news isn't all that bad because the weakness is not severe and not an indication of impending recession....Dow up 225 Points, Naz +58.77 rtq 132,180.85 2,639.39 rspectvly.

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All ten major economic sectors are posting gains. As was the case yesterday, the financial sector (3.8%) is providing leadership with the thrifts & mortgages industry group (+6.4%) showing the most strength.