Market Wrap-Up

Traders came back from the weekend to find once again financial stocks squarely in the middle of a maelstrom. Over the weekend, regulators seized control of IndyMac Bancorp after a run on the company left it short of cash. Treasury Secretary Henry Paulson also announced a government plan that would involve it possibly providing valuable capital to the beleaguered mortgage giants

Fannie Mae

Freddie Mac

That situation overshadowed other corporate news. Anheuser-Busch agreed to be bought by Belgium's InBev for $52 billion. Apple launched its new iPhone 3G and announced it had already sold 1 million over the weekend. Waste Management revealed a $34 a share bid for Republic Services, a price tag 22% over Friday's closing price. The bid counters an earlier merger proposal between Republic and Allied Waste.

Despite the government's effect to calm the market, traders still sold off stocks for most of Monday's trading session. The Dow Jones Industrial Average finally turned positive late in the session, posting a modest 45 point gain to 11,055.

Oil was relatively flat during Monday's trading session. It closed at $145 per barrel.

Winners

Investors have been scrambling to find alternative investments that offer some cover from the ripple effect started by the down turn in financials. Gold seems to be the favorite safe haven.

Market Vectors Gold Miners

Losers

Many traders are waiting for the next shoe to drop. Monday they were clearly staying clear of regional banks. The

iShares Dow Jones U.S. Regional Banks ETF

SPDR KBW Regional Banking fund

Monday's Industry Headlines

Launching Pad

Van Eck announced the release of

Market Vectors Africa

Tuesday's Notebook

Earnings

Altera, Cintas Corp., CSX, Eaton, Intel, J.B. Hunt Transportation, Johnson & Johnson, Polaris Industries, Seagate Technology, State Street, U.S. Bancorp, VF Corp., W.W. Grainger

Economic Data
Chain Store Sales (7:45 a.m.), Producer Price Index (8:30 a.m.), N.Y. Fed Manufacturing (8:30 a.m.), Retail Sales (8:30 a.m.), Business Inventories (10 a.m.)

Quick Take

A look at how the industry's most popular ETFs did on Monday.