Shares of European financial institutions see a major boost in their prices with most of them recording gains of at least 5%.
The stock is downgraded by JPMorgan and Deutsche Bank after a weak quarterly report.
Stocks hover near baseline as investors continue to wait on central bank statements expected later this week.
Heads roll at Barclays as authorities investigate other banks for interest-rate manipulation.
The Swiss bank is implementing a radical cost cutting plan from mid-2011 in an attempt to combat rising costs.
Deutsche Bank is downgraded to 'sector perform,' and Research in Motion is downgraded to 'underweight.'
The effect of rising fuel costs on the shipper's bottom line may lead to strategic restructuring.
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