发表于 2009-04-09 22:30 IP属地：未知
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Stocks surge as profits at Wells Fargo jump
Wall Street jumps after Wells Fargo projects record 1st-qtr profit, easing bank worries
Stephen Bernard and Tim Paradis, AP Business Writers
Thursday April 9, 2009, 10:19 am EDT
NEW YORK (AP) -- Stocks bounded higher early Thursday after banking giant Wells Fargo & Co. issued a surprise profit announcement that was far above analysts' estimates.
The Wells Fargo news offered investors some of the best evidence to date that the credit and lending markets are improving.
Wells Fargo shares surged 25 percent and bank stocks led the market's climb. Bank of America Corp. rose 20 percent, while JPMorgan Chase & Co. jumped 12 percent. Citigroup rose 9.3 percent.
In midmorning trading, the Dow Jones industrial average rose 205.57, or 2.6 percent, to 8,042.68. It was the Dow's first trade above the 8,000 mark since Monday.
Broader stock indicators also jumped. The Standard & Poor's 500 index rose 25.64, or 3.1 percent, to 850.80, while the Nasdaq composite index rose 51.70, or 3.3 percent, to 1,642.36.
Traders looked past uneven monthly sales reports from retailers and mixed economic news as they pounced on bank stocks.
Wal-Mart Stores Inc. said U.S. same-store sales rose 1.4 percent as consumers continued to hunt for bargains, but the results missed Wall Street expectations. Target Corp.'s sales fell 6.3 percent but the results still beat expectations. Wal-Mart shares fell 4.3 percent, while Target rose 6 percent.
In economic news, the government said new jobless claims fell more than expected last week, but those continuing to receive unemployment insurance set another record.
The Labor Department said initial jobless claims fell to a seasonally adjusted 654,000, down from a revised 674,000 the previous week. Economists polled by Thomson Reuters expected claims to drop to 660,000.
But the total number of laid-off Americans receiving unemployment rose to 5.84 million, from 5.75 million. That was the most on record dating from 1967 and more than analysts expected.
The government also said the U.S. trade deficit plunged unexpectedly in February.
The jump in stocks on Thursday comes at the end of a quiet holiday week which will be shortened by the Good Friday holiday, when markets will be closed. Investors grew more upbeat Wednesday amid reports the government will provide support for battered life insurers and as two major homebuilders, Pulte Homes Inc. and Centex Corp., announced plans to combine.
The Dow had lost nearly 3 percent over Monday and Tuesday, which analysts said was a welcome respite following a powerful rally in March that gave the Dow its biggest four-week surge since 1933. Traders like to see the market make moderate, stair-step advances rather than shooting straight higher, which many see as a sign of unsustainable and impulsive buying.
In other trading, Treasury prices fell as the stock rally dampened demand for safe-haven investments. The yield on the 10-year Treasury note rose to 2.91 percent from 2.86 percent late Wednesday.
The dollar was mixed against other major currencies, while gold prices fell.
Overseas, Japan's Nikkei stock average rose 3.7 percent following reports that the country's ruling party is seeking a stimulus package bigger than originally announced.
In afternoon trading, Britain's FTSE 100 gained 1.3 percent, Germany's DAX index rose 2.8 percent, and France's CAC-40 rose 1.8 percent.
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