Stocks rallied around the world as better-than-estimated earnings at Wells Fargo & Co. and speculation American banks will pass government stress tests boosted confidence in the financial system.
Wells Fargo, the second-largest U.S. lender, jumped 32 percent. Bank of America Corp. and Citigroup Inc. climbed at least 10 percent on a report that all 19 banks examined by the government will pass the review meant to determine their viability should the recession deepen. Barclays Plc surged in London after agreeing to sell its iShares unit.
The S&P 500 has climbed 25 percent since reaching the lowest level in a dozen years on March 9 as banks from Citigroup to JPMorgan Chase & Co. said they made money in the first two months of the year and Treasury Secretary Timothy Geithner unveiled plans to rid financial firms of toxic assets.
Has to be good for any fund manager to start seeing good news from the World banks.Once the banks become stable and start lending then the world will start re-investing.
Hopefully a good week for HFA.
good solid bounce up, page-2
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$1.70 |
Change
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Mkt cap ! $833.1M | |||
| Open | High | Low | Value | Volume |
| $1.71 | $1.72 | $1.65 | $348.3K | 206.4K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 1273 | $1.70 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $1.71 | 1273 | 2 |
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| NGI (ASX) Chart |