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Today JPMorgan Chase’s (JPM) CEO Jamie Dimon shared the good news that his bank had passed the stress tests, fueling further market gains late afternoon. The bank also announced it will raise its quarterly dividend to 30 cents and buy back $12 billion worth of stock. The stock finished the day up 7%.
Four of 19 banks failed the stress test: Citigroup, SunTrust Capital, Ally, and MetLife.
The results for the market? From IBD, “The Nasdaq vaulted 1.9%, reaching its highest since November 2000. The S&P 500 climbed 1.8% to a June 2008 best. The Dow Jones industrial average climbed 1.7%, hitting levels not seen since January 2008.”
To add to the upbeat market outlook, Apple stock (AAPL) had another big day, adding 2.9% as shares closed at $568.10 which is yet another record high. The company now boasts a market cap of nearly $530 Billion.
Historical charts for your viewing pleasure are included today as well. Stay frosty out there.
And I couldn’t pass up including this beautiful eight month base breakout today from Allot Communications (ALLT). Chart courtesy of MarketSmith. Click the chart for the full view.