Independent, Fee-Only Financial Advisor
Tuesday, March 08, 2011
Soaring bank shares led the broader stock market higher as Bank of America raised hopes that it will increase dividends and share buybacks. The Dow Jones Industrial Average gained 1%, pushing the blue-chip index back to just short of where it started the month. Bank of America rose 4.7% today after Chief Executive Brian Moynihan said he believes the bank has the ability to earn between $35 billion and $40 billion per year in pretax earnings when the business normalizes. The economic calendar was fairly quiet today, though a survey of small businesses showed more firms are planning to raise their selling prices and increase hiring. DJIA +124.35 Nasdaq +20.14 S&P 500 +11.69.