Dow Watch: Citigroup, JPMorgan Rise

Citigroup and JPMorgan Chase are among the stocks that rise on the Dow Tuesday.
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Updated from 1:21 p.m. EDT

Back in Form

(

At 4:37 p.m. EDT

)

So much for the end of the rally. The

Dow Jones Industrial Average

bounced back from the downtick that started the week to surge ahead by 178.73 points, or 2.5%, to 7395.70 Tuesday. That was the highest finish since Feb. 19.

Only three of its 30 stocks declined.

Alcoa

(AA) - Get Report

had the steepest drop, falling 8.7% to $5.59, a day after saying it would slash its dividend, lower other costs and look to raise capital.

GM

(GM) - Get Report

shed 2% to $2.47, and the other laggard was

Johnson & Johnson

(JNJ) - Get Report

, but it only gave back 1 cent to $50.72.

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None of that was enough to prevent the fifth advance in the last six trading sessions.

JPMorgan Chase

(JPM) - Get Report

was the top performer, rising 8.9% to $25.14. Next up was

Citigroup

(C) - Get Report

with a 7.7% gain to $2.51.

Home Depot

(HD) - Get Report

was also strong, adding 6.7% at $21.48.

With the latest move higher, the Dow is now up 4.7% since the start of the month, a far cry from what happened in January and February. We've got two weeks to go in March, but it's not too early to start thinking we might see the first positive month of 2009.

See? All's Well Again

(

At 12:34 p.m. EDT

)

The

Dow

spent the morning Tuesday unsure where it wanted to go, but right around the midpoint of the session the index was hitting its high for the day, up 83 points, or 1.2%, at 7300. Of the 30 stocks, 20 were rising and the other 10 were lower. Yesterday's late buyers break is all forgotten now.

Citigroup

(C) - Get Report

was pacing the advancing issues, gaining 6% to $2.47. The other financials were mixed.

JPMorgan Chase

(JPM) - Get Report

was up 4.3%, but

American Express

(AXP) - Get Report

and

Bank of America

(BAC) - Get Report

were falling.

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Three of those stocks -- Citi, BofA and JPMorgan -- were initiated with perform ratings at Oppenheimer, the firm where

Meredith Whitney

used to take apart the banks.

Financials weren't the only Dow components in the headlines, though.

Home Depot

(HD) - Get Report

was among the percentage winners, adding 4.8% to $21.11, after Jefferies gave the home-improvement goods seller a buy rating and a $24 target.

AT&T

(T) - Get Report

was better by 2.6% at $25 despite a decision by

Standard & Poor's

to cut its long-term outlook on the telecom company to negative from stable.

General Electric

(GE) - Get Report

was tacking on 2.1% to $9.86 following comments from Oppenheimer that the conglomerate has manageable balance sheet risk and shouldn't need to raise new equity.

As for

General Motors

(GM) - Get Report

, where advisers to bondholders and to President Obama's auto task force don't appear to be seeing completely eye to eye, its shares were down 4% at $2.42.