Market Midday, with news on Citigroup (NYSE:C), BP (NYSE:BP), Bank of America (NYSE:BAC), Exxon Mobile (NYSE:XOM)

Hope you had a great weekend, loyal readers.  As usual, we’ll start this market update with news on the big banks.  It’s being reported that Bank of America (NYSE:BAC) has lost one of their top financial advisors, Michael Brown, to former Citigroup (NYSE:C) head of wealth management Todd Thomson’s company, Dynasty Financial Partners.  Mr. Thompson and another Citi manager, Shirl Penney, founded the company.  Mr. Brown was recently ranked 28^th in the top 100 Financial Advisors in the US by Forbes Magazine, and was managing approximately $6 billion while he was at B of A.

In overall market news, the three major US indexes are down to start the day.  The Dow Jones Industrial Average has slipped 28 points, a 0.25% decline.  The S&P 500 and Nasdaq have each lost approximately 3 points, representing a 0.24% and 0.11% decline respectively.  Confidence has been shaken up by a television interview of Fed chairman Ben Bernake on the popular show, “60 Minutes”.

Mr. Bernake expressed concerns that it could take four or five years before the unemployment rate returns back to the ‘natural’ rate.  This comes after Friday’s disappointing employment numbers released by the Labor Department, which showed the unemployment rate rose to 9.8% in November.  Mr. Bernake also said there is a possibility of an increase in the bond purchasing plan, details of which were released last month.  The original plan scheduled for $600 billion in bond buybacks; this program might be expanded further should inflationary pressures require it.

In commodity news, oil’s January contract has slipped slightly today.  The price for a barrel of crude has fallen 0.23 points, which represents a 0.26% decline.  This hasn’t fazed all the oil producing companies, however.  For example, the ADR for London-based BP (NYSE:BP) has risen approximately 2.4% today, while American oil giant Exxon Mobile (NYSE:XOM) has gained a more modest 0.04%.  In gold news, the precious metal has gained 8.6 points to trade at $1,414.00 per ounce.

Finally for the day, President Barack Obama has been quoted as saying he’s “confident” that a deal to extend many of the Bush-era tax cuts will be reached between the Democrats and Republicans in the US Senate.  The bill, which recently passed through the House, would extend tax cuts to everyone making less than $250,000 annually.  Those making more than $250,000 would see their tax levels rise back to pre-tax cut levels, which the White House argues is important in order to manage rising the rising deficit.

That’s all for the day!