Stocks Extend Rally
NEW YORK (TheStreet) -- Stocks extended gains Friday as another session of strong earnings reports and results from the European bank stress tests bolstered investors' confidence in the recovery.
The Dow Jones Industrial Average added 102 points, or 1%, to close at 10,425 with a weekly gain of 3.2%. The S&P 500 rose 3.6% on the week after gaining 9 points, or 0.8%, to close at 1103 and the Nasdaq finished ahead by 24 points, or 1.1%, at 2270 with weekly gains of 4.2%. > > Bull or Bear? Vote in Our Poll After months of uncertainty regarding the strength of the European bank sector, stress test results revealed that only seven of 91 European banks failed the tests, and capital shortfalls came in at a lower-than-expected €3.5 billion ($4.5 billion). Bank failures were concentrated in Spain, with five banks failing to pass stress tests: Banca Civica Savings Bank Group, Cajasur Bank, Diada Savings Bank Group, Espiga and Unnim Savings Bank, according to CNBC. Greece's Atebank and Germany's Hypo Real Estate were the other failures, according to reports released after European markets closed. Overseas, Hong Kong's Hang Seng rose 1.1% and Japan's Nikkei jumped 2.3%. The FTSE in London lost 0.08%, and the DAX in Frankfurt gained 0.5%.TheStreet Premium Services For Personal Service: 877-471-2967
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| Dow Jones | S&P 500 | NASDAQ | 10-Year Note | |
|---|---|---|---|---|
| 12,890.46 | 1,351.95 | 2,927.23 | 20.47 |
Oil *
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11.37 |
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0.72 |
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168.02
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+0.05%
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+3.65%
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