On the upside
Investors relieved that banks will not be nationalized lifted shares of Fifth Third Bancorp (Nasdaq: FITB), SunTrust Banks (NYSE: STI) and Zions Bancorp (Nasdaq: ZION).
CTC Media (Nasdaq: CTCM) reported higher fourth quarter earnings as revenue rose.
Daniel P. Amos, chairman and chief executive of Aflac (NYSE: AFL), voluntarily refused his $2.8 million bonus and has already turned down approximately $26 million worth of golden parachute provisions in his contract.
On the downside
True Religion (Nasdaq: TRLG) reported sharply higher fourth quarter earnings that topped estimates but the jeans maker forecast disappointing results for 2009.
Although fourth quarter earnings for Ansys (Nasdaq: ANSS) surpassed analyst expectations, the company disappointed with first quarter guidance that fell short of estimates.
Shares of student lender Sallie Mae (NYSE: SLM) tumbled after President Obama's budget proposal included provisions to eliminate government subsidies to banks for student loans.
In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 3 on the NYSE and by nearly 7 to 5 on Nasdaq. The Russell 2000 which tracks small cap stocks edged up a fraction to 402.