Wells Fargo changes perception of banks in blink of an eye

Every major U.S. bank is rallying like mad on the heels of Wells Fargo (WFC) reporting that it made a profit in the first quarter. WFC shares have spiked up 23 percent to $18.50 in early trading.

The financial firm said it expects to report record net income of approximately $3 billion for first quarter 2009, or approximately 55 cents per common share after preferred dividends, including $372 million in dividends paid to U.S. taxpayers on the U.S. Treasury's Capital Purchase Program investment.