Markets: investors bought stocks again Friday on the latest reassuring news about the economy.
The stress tests showed that just seven of 91 European banks tested would fail. The European Union said the results should put to rest questions about the health of the continent's financial sector. Financial stocks, which had struggled early in the day Friday, started to climb after the results were released at midday. Brian Peardon, a wealth adviser at Harrison Financial Group, said there could be an initial "gut" reaction to the results based on the headlines alone, but the full impact on the market won't come until this week because there is so much information to sort through. "It will take the weekend to digest whether they're good or bad," Peardon said.
The Dow closed the week up 326.72, or 3.2%, at 10,424.62. The S&P 500 gained 37.78, or 3.5%, to 1,102.66. The Nasdaq Composite leaped 90.42, or 4.2%, to 2,269.47.
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|Title Annotation:||WALL ST./FINANCE|
|Date:||Jul 26, 2010|
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