Stocks rise on bank upgrades, falling jobless claims
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When companies like Alcoa (AA
), Boeing (BA
) and Caterpillar (CAT
) are leading stocks higher, it's probably a sign of investors buying into the possibility of an economic recovery. Add in a raft of analyst upgrades of bank stocks and unemployment data that showed jobless claims falling last week
, and it was enough push the Dow Jones industrial average up 75 points
, or about 0.9 percent, to close at 8,750.
Bank of America (BAC
) rose 6percent, Citigroup (C
) jumped 5 percent and JPMorgan Chase (JPM
) climbed 4 percent as encouraging research notes from analysts boosted the sector's shares and helped push the DJIA within 30 points of its 2009 high.
For more stocks making moves, be sure to check out BloggingStocks' market wrap-up