The broad market rally continued, with slight increases for the
Dow Jones Industrial Average
The KBW Bank Index (I:BKX) was up slightly to close at 58.53, with all but five of the 24 index components ended Friday's session with gains.
With a very strong U.S. dollar, the spot price for gold for June Delivery at the COMEX division of the CME fell by $32, or 2.2%, settling at $1,436.60 an ounce. Gold declined below a key support level, according to Phil Streible, senior commodities broker at RJO Futures.The dollar ended the week above a key level of 101 versus the Japanese yen, which appeared to be bullish for stock markets, as bond yields rose worldwide on Friday.
Shares of Morgan Stanley have returned 26% this year, following a 28% return during 2012. The shares trade for 0.9 times their reported March 31 tangible book value of $27.39, and for 9.5 times the consensus 2014 earnings estimate of $2.53 a share, among analysts polled by Thomson Reuters. The consensus 2013 EPS estimate is $2.06. Please see TheStreet's earnings coverage for details on the company's first-quarter results.
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-- Written by Philip van Doorn in Jupiter, Fla. >Contact by Email. Follow @PhilipvanDoorn