Banks Rally, Stocks Soar, Fannie Mae Trouble
Stocks closed solidly higher today as investors felt relief concerning the results of the bank stress test and better than expected job loss reports. Banks led the upward charge despite quasi government mortgage giant Fannie Mae stating its desperation for billions of cash after revealing a first quarter loss. The DJIA ended the week up a solid +164.80 to 8574.65, the Nasdaq gained +22.76 to 1739.00 and the S&P 500 advanced +21.84 to 929.23.
Citigroup
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PowerRating) – Rallied 6.30% or .23 cents to $4.04 as the entire banking sector was lifted by the stress test results and Bernanke’s positive words.
Allstate
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Nvidia
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Fuel Systems Solutions
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PowerRating) – Crushed analysts estimates soaring 32.22% or $5.45 to $22.38/share.
Oil added $1.92 to $58.55, Gold gave back $0.60 to $914.90 and the VIX gave up 4.16% to 32.05.
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