Budget Details Unveiled, Markets Mixed
The markets traded mixed during the midday with the Dow gaining 18 points to 7289 as details of President Barack Obama revealed details of his budget for the next ten years. Nasdaq dropped 8 points to 1417.

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.

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