Wall Street gains as bank shares advance
At Wednesday in the United States a healthy bon sale Portugal helped ease concern over the latest sovereign which resulted in the stocks to rise. Portugal sold 1.25 billion Euros which caused European shares rallying, which were led by banks to beef up the European Union’s Rescue.
The two big stories in the market are currently about the European debt crisis and future strength in U.S banks, according to Eric Kuby, chief investment officer at North Star Investment Management Corp in Chicago. The Euro gained 0.7 percent against the dollar.
JPMorgan Chase & Co (JPM.N) climbed 2.2 percent to $44.54 to lead the KBW bank index (.BKX), up 1.5 percent. JPMorgan Chief Executive Jamie Dimon said the bank could pay an annual dividend of 75 cents to a dollar once the Federal Reserve gives its approval, pending the completion of stress tests.
JPMorgan starts to bring some news, which brings clarity into that issue which reminds the market that ultimately these companies are good dividend payers, further restoring confidence. Also fueling gains among financials were positive comments on the sector from Wells Fargo, which raised the U.S. bank sector to an "overweight" rating, citing a decline in credit costs and positive loan growth.
here is an interesting article about greeks financial crisis due to thier extremely low retirement age.its actually at 50 for men and 55 for women. sounds like a good deal for the workforce(us) right? well see how its working for them. http://www.nytimes.com/2010/03/12/business/global/12pension.html
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