The market hit a high for 2011 today after the unemployment rate fell to 8.8% and after the economy created about 216,000 jobs. The Institute of Supply Management showed a slight drop for March, but investors were positive most of the day. Selling in the last 90 minutes of the day felt a bit surprising -- but that may be nothing more than pre-weekend profit taking.

Here were today's unofficial closing bell levels:

Dow Jones: 12,376.72 +56.99 (0.46%)

Nasdaq: 2,789.60 +8.53 (0.31%)

S&P500: 1,332.41 +6.58 (0.50%)

Wednesday was the last full day for most of those who are still working this week. Trading volume has already begun to lighten up but we still had several key movers on the day. Retail sales were up at the last minute for those finishing their shopping, GDP revisions for Q3 came in at 2.6% versus a prior 2.5% growth reading, and existing home sales rose by 5.6% in November with an annual sales pace of 4.68 million units.

Here were today's unofficial closing bell levels:

Dow Jones 11,559.49 +26.33 (0.23%)
S&P 500 1,258.83 +4.23 (0.34%)
Nasdaq 2,671.48 +3.87 (0.15%)

A slightly better than expected jobless claims report and a slightly higher revision to GDP did not propel stocks further on the end of the quarter after a strong September. Even strong data out of Chicago PMI managed to offer no additional rally today and that DJIA 11,000 looks more elusive. And how about that $80 oil?

Here were the unofficial closing bell levels:

Dow Jones 10,788.05 -47.23 (-0.44%)
S&P 500 1,141.20 -3.53 (-0.31%)
Nasdaq 2,368.62 -7.94 (-0.33%)

TOP ANALYST CALLS

Stocks were lower this morning and the overseas markets were weak on the day. The saving grace was not earnings but came from the ISM-Services (non-manufacturing) report showing the expansion is still there in the services economy as well as in the manufacturing data seen in recent days. We also had some positive jobs creation data from ADP as a prequel to Friday's key unemployment and non-Farm Payrolls data.

Here were today's unofficial closing bell levels:

Dow Jones 10,680.43 +44.05 (0.41%)
S&P 500 1,127.24 +6.78 (0.61%)
Nasdaq 2,303.57 +20.05 (0.88%)

Analyst Upgrades

• Wunderlich upgraded Granite Construction (GVA) to buy from hold, citing valuation and expected positive catalysts in 2011. The firm has a $29 price target for shares.
• Jefferies upgraded WuXi PharmaTech (WX) to buy from hold following the Q2 report, citing continued strength in China-based lab services growth. The firm has an $18 target on shares.
• BMO Capital upgraded Newell Rubbermaid (NWL) to outperform from market perform following capital structure actions. The firm has a $20 price target on the stock.
• Energizer (ENR) was upgraded to overweight from equal weight at Morgan Stanley.
• Cephalon (CEPH) was upgraded to buy from neutral at BofA/Merrill.
• Dycom (DY) was upgraded to outperform from market perform at Morgan Keegan.

Add this to the pile of investor concerns: Global banks may have a capital deficit of more than $1.5 trillion by the end of 2011, a new study forecasts.

What's more, some of the banks may require state support, so says Independent Credit View, a Swiss rating company that undertook the study.

"Without state aid or debt restructuring these banks will hardly be able to raise capital," Christian Fischer, a partner and bank analyst at ICV told Bloomberg News Tuesday, adding that he sees "massive dilution for existing shareholders."

Analyst Upgrades

• ThinkEquity upgraded Intel (INTC) to buy from hold and has a $25 target on the stock. The firm believes guidance will prove conservative and strong execution, new product cycle, Win7 cycle and corporate PC-Server refresh will drive shares higher.
• Wells Fargo upgraded Holly Energy (HEP) to outperform from market perform after increasing its valuation ranges for small cap pipeline MLPs. The firm raised its valuation range for Holly to $43 to $45.
• SunTrust upgraded Watsco (WSO) to buy from neutral as it believes the carrier joint venture will serve as a long-term catalyst. The firm has a $67 price target on the stock. William Blair upgraded Watsco to outperform from market perform ahead of the company's Q4 results to reflect valuation and improving economic conditions.
• Staples (SPLS) and Office Max (OMX) were upgraded to overweight from neutral at JPMorgan.
• Kellogg (K) was raised to buy from neutral at BofA/Merrill.
• Advanced Micro (AMD) was upgraded to outperform from market perform at FBR Capital.

Analyst upgrades:

• UBS upgraded Dollar Tree (NASDAQ: DLTR) to Buy from Neutral but lowered its target to $42 from $45 following the solid Q4 report. The firm expects Dollar Tree's cost containment to continue. JP Morgan upgraded shares to Overweight from Neutral on valuation as it believes the recent pullback is overdone and the company set achievable FY09 guidance. The firm has a $43 target on the stock.
  
• JP Morgan also upgraded Smithfield Foods (NYSE: SFD) to Overweight from Neutral on valuation as they find the stock oversold at current levels.
  
• KeyBanc upgraded Nordson (NASDAQ: NDSN) to Hold from Underweight based on valuation, strong balance sheet and cost reductions, and a solid track record of execution.
• Philips Electronics (NYSE: PHG) was upgraded to Neutral from Underweight at HSBC.
  
• Aeropostale (NYSE: ARO) was raised to Equal Weight from Underweight at Barclays.
  
• Carter's (NYSE: CRI) was upgraded at Goldman to Neutral from Sell.

"The silver lining in all the recent gloom is that credit market shakeout is basically a healthy development," says global expert John Christy in his Forbes International Investment Report.

Here, the advisor looks at the state of the market, the credit market problems and the re-pricing of risk as well as several leading European banks that he believes offer strong fundamental value for long-term investors. He notes, "While there's no question that European financial firms will feel a certain degree of pain, a lot of the bad news appears to be priced in at this point."

One favorite is ING ((NYSE: ING). He states, "The bank saw earnings rise 27% in the second quarter, and the Dutch bank-insurer's exposure to the sub-prime mess is negligible. ING looks extremely cheap at 8 times earnings. It also pays a 4.4% dividend yield."

Meanwhile, he notes that Deutsche Bank (NYSE: DB) is now trading at 7 times earnings and paying a 5% dividend yield. Allied Irish Banks (NYSE: AIB) is also sporting single-digit price-to-earnings multiples, he states. But, he says, "The long-term fundamentals for DB, ING and AIB haven't changed all that much - if at all - and this looks like a good buying opportunity for all three."

Christy is also bullish on UBS (NYSE: UBS) is the biggest bank in Switzerland and the world's largest money manager with $2.6 trillion of invested assets. He notes that while the firm can trace its roots as far back as the 18th century, its "real transformation" came in 2000 when UBS bought PaineWebber. He explains, "The merger gave UBS a major presence in the U.S. and helped lay the framework for a truly global institution."

Each day, Steven Halpern's TheStockAdvisors.com features the latest investment ideas and market commentary from the financial newsletter community.

When BloggingStocks contributor Georges Yared recently took a look at lenders that could rise up out of the recent subprime-related credit mess, he focused on Bank of America (NYSE: BAC), Wells Fargo (NYSE: WFC), and US Bancorp (NYSE: USB) as strong contenders.

Well, the European markets have been struggling with many of the same credit concerns as in the U.S. Morningstar (NASDAQ: MORN) has gone looking for investment opportunities in European markets, and found such contenders as Alcatel-Lucent (NYSE: ALU), France Telecom (NYSE: FTE), and Cadbury Schweppes (NYSE: CSG). However, like Mr. Yared, Morningstar analysts found themselves focusing on a pair of wide-moat lenders that had been unfairly punished by reactions to the current problems.

John Christy, editor of The Forbes International Investment Report, has long held Barclays (NYSE: BCS) in his model portfolio, and in recent months has been anticipating a merger deal. He now notes, "Rumors of a deal between Barclay's and Dutch bank ABN-Amro (NYSE: ABN) appear to be turning into reality."

This deal, in his view, will be an "interesting strategic combination" – in part because ABN's businesses in Europe, Asia and Latin America, for example, will help Barclays expand its global reach. Further, he notes that Barclays is a "pretty good" value, trading at 10 times earnings and paying nearly 4% dividend.

Despite its positive operating outlook, the advisor is choosing to sell the stock, noting, "Interesting strategic combinations aren't always the best stock picks."