New York – U.S. Stocks rose sharply Thursday the first day of passover after an upbeat forecast from Wells Fargo, capping their fifth straight up week.
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Wells Fargo wasn’t scheduled to officially announce first quarter earnings results until April 22, but came out Thrsday morning to let investors know it expects to earn $0.55 per share for the quarter. Analysts had forecast earnings of just $0.24 per share. Wells Fargo also indicated its combined net charge-offs are down sequentially and that the legacy Wachovia business is operating well.
Wells Fargo’s announcement seemed to contradict a handful of pessimistic comments and reports, and helped restore investor confidence in bank stocks.
The Dow Jones Industrial Average gained 246.27, or 3.1 percent, to close for the week at 8,083.38
On Friday the market was closed due to Easter Holiday
still very far from 14,000
Yeah but its better than 6500