Markets bounce on stress tests, better unemployment data


With the stress tests of bank balance sheets behind them, the markets bounced today to their highest point since the first week in January. The immediate cause: Better-than-expected April unemployment figures that added to a growing sense that the velocity of the economy's plunge may be lessening. The Dow Jones Industrial Average climbed 165 points, or nearly 2 percent, to close at 8,575.

That's not to minimize the importance of financial stocks -- in fact JPMorgan Chase (JPM) and American Express (AXP), both of which were judged not to need additional capital, were the DJIA's biggest gainers. Even Citigroup (C) and Bank of America (BAC), which will each have to raise billions, beat the market.

For more stocks making moves today, be sure to check out BloggingStocks' market wrap-up.