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New York - Stocks jumped nearly more than 2 percent after as a bullish banking call by analyst Meredith Whitney helped lift a market that had been struggling under a cloud of economic weakness.

Despite Whitney's prediction that the unemployment rate would hit 13 percent, investors instead focused on her forecast that bank stocks are in for at least a short-term gain of 15 percent as the industry benefits from accounting changes and legislation aimed at helping lenders.

But Whitney also warned of an unemployment rate likely to hit 13 percent or higher, which would put more pressure on the economy.