This is what happens when banks report good news: American stock markets surged today on news from Wells Fargo that it would make record profits in the first quarter of 2009 and that the 19 banks undergoing government “stress tests” are all likely to pass. Barring catastrophe tomorrow, it’s the fifth straight week of stock market gains. Wells Fargo and Bank of America both saw their share prices jump over 30 percent, while even cellar-dweller Citigroup rose 12.6 percent. Better than expected unemployment claims also buttressed the market gains.
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