Closing bell: if banks keep this up, market will got to 14,000 (WFC)

Posted Apr 9th 2009 4:40PM by Douglas McIntyre
Filed under: Wells Fargo (WFC)

Wells Fargo & Company (NYSE: WFC) may end up being the stock of the year. In one brief announcement of a estimated $3 billion profit for the first quarter, it laid to rest most of the concerns about the financial industry. Hopefully, none of the other banks will screw it up next week.

The results from today:

Dow 8,083.38 +246.27 (3.14%)
S&P 500 856.56 +31.40 (3.81%)
Nasdaq 1,652.54 +61.88 (3.89%)

WFC rose 32% to $19.61 on 373 million shares. Bank of America (NYSE: BAC), considered one of the problem children in the industry, was up 35% to $9.55 in a relief rally. It traded over one billion shares.

While the general market was up over 3%, most stocks in the banking sector moved up over 20%.

The giddiness moved to tech stocks, perhaps based on the idea that the improvements at WFC were a sign that the economy as a whole is improving. Intel (NASDAQ: INTC) led the sector higher with a move up of about 5%.

The market is closed to tomorrow. It will be hard for stock to hold such heady gains on Monday.

Douglas A. McIntyre is an editor at 24/7 Wall St.

Tags: BAC, featured, WFC

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Reader Comments (Page 1 of 1)

5-11-2009 @ 4:53PM

guy.dnks said...

Not surprising, they got wachovia for nothing!!!

signed:
A wachovia shareholder

5-15-2009 @ 4:15PM

Jonathan said...

Always good to see the government's investment being paid back with interest. Now if AIG and the automakers could do the same we would be set!

http://www.marketnewsvideo.com/?id=200905WFC051409&mv=1&start=&rpp=