Stocks closed mixed, with the Dow and S&P 500 falling, while the Nasdaq rose. Earlier in the day, the Fed injected $20 billion into the banking system, and Larry Summers, former treasury secretary, called for the government to deliver tax-cuts and a spending package in the region of $50 - $75 billion to help prevent a deep recession.

Morgan Stanley (MS | Quote | Chart | News | PowerRating) reported a fourth quarter loss of $3.59 billion, due to mortgage related write-downs. The company also announced it was receiving a $5 billion cash infusion from China Investment Corp. (read more).

Sallie Mae (SLM | Quote | Chart | News | PowerRating) plunged after their recently appointed CEO made some rather unusual comments during the company's coference call.

Shares of Palm (PALM | Quote | Chart | News | PowerRating) closed lower after the company reported a Q2 loss yesterday (read more).

Hovnanian Enterprises (HOV | Quote | Chart | News | PowerRating) also declined after reporting a Q4 loss yesterday (read more).

TD Ameritrade (AMTD | Quote | Chart | News | PowerRating) inched higher after the company raised guidance for Q1 (read more).

Union Pacific (UNP | Quote | Chart | News | PowerRating) closed lower after cutting its Q4 and full-year outlook (read more).