This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Dow Watch: Bank of America Leads Rally

Updated from 11:12 a.m. EDT

Back Above 8500

( At 4:55 p.m. EDT)

If you were looking for the bears to pick up this week where they left off the last one, you were badly disappointed.

The Dow Jones Industrial Average jumped 235.44 points, or 2.9%, to 8504.08 Monday as all but one of its components climbed. That's just the fourth time in 2009 that a week has started with an up session for the Dow.

AT&T (T) was the one laggard, down 1.2% at $24.59.

Bank of America (BAC - Get Report) paced the winners with a 9.9% gain to $11.73. IBM (IBM) and JPMorgan Chase (JPM) had the biggest influence on the overall point increase, however, accounting for about 44 points of the total.

The index remains on track to record its third straight monthly gain, and so far it's up 4.1% since the beginning of May. The loss for the year now stands at 3.1%.

As for tomorrow, quarterly results are due from Home Depot (HD - Get Report) early and Hewlett-Packard (HPQ - Get Report) late, and JPMorgan will hold its annual meeting of shareholders during the day.

BofA Leads the Banks

( At 10:50 a.m. EDT)

Nice start to the week for the Dow. A little over an hour in to the session, the index was near its high for the day, up 153 points, or 1.9%, at 8421.

Only four of the 30 stocks in the DJIA were weaker, all of them by less than 1%. McDonald's (MCD - Get Report) and Merck (MRK) were the worst performers, and they were down just 0.8%.

Banks were among the strongest percentage gainers, led by a 10.5% advance in Bank of America (BAC - Get Report) to $11.79. BofA was increasing thanks to a Goldman Sachs upgrade, which more than offset negative comments from Fitch Ratings.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
AXP $77.99 0.00%
C $52.90 0.00%
BAC $15.64 0.00%
HD $113.70 0.00%
GM $35.59 0.00%

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs