BANK STOCKS JUMP EVEN MORE AFTER A HUGE GAIN ON THURSDAY
IS OUR ECONOMY BACK ON THE RIGHT TRACK?
April 13, 2009

After a dismal year, bank stocks look to be on the rise. On Thursday of last week the Dow Jones recorded its fifth straight weekly gain. Led by the bank stocks, the markets are turned around and seem to be on their way back up. Whether this can continue is left to be seen.

The market has fallen a little bit from its high close last Thursday and looks to open up today with an initial loss. That being said, the banking industries who were in part responsible for the Dow's gain last week are up in the pre-market. Bank of America Corporation is up seven cents in pre-market trading as of now. Citigroup is also up fourteen cents at 3.18. It looks as though the banks are now beginning to recover.

It was reported last Wednesday that some banks were looking to pay back the government bailout money early. While the government is not allowing them to do so due to fear of another drop, this is good information to here both on the investor side and the taxpayer side. It is evident that Obama has come to an agreement with the banks that this money is not a gift, and it will be paid back slowly as the banks start to move again into the black.

Bank of America's Lewis has said that while he is extremely happy with the performance of BAC (Bank of America Corporation), he understands that they have to be in it for the long haul and it is necessary to continue to strive and perfect the system instead of slow down due to some glimmers of hope. It is obvious that bank executives understand the situation, and are not in it to take money from the taxpayers.

Only time will tell whether this recent burst will continue, however, after Wells Fargo's announcement of larger profit than expected, other banks are expected to follow suit within the next couple of weeks and announce much better numbers than were originally predicted. While we may not be out of this economic downturn, things are definitely looking up.

This Press Release was written by Brent Brien, President and CEO of Brien Private Finance LLC
http://www.BrienPrivateFinance.com