Wells Fargo Shocks Wall Street

Stocks rose Thursday to their highest levels in the past two months after Wells Fargo (WFC)  surprised analysts and the market with an early profit report that blew past analysts’ expectations. The profits were a thanks to a strong pickup in its lending business.  The Dow Jones industrial average jumped nearly 250 points as a result of the strong earnings forecast. Investors have been uncomfortable with the banking industry yet Wells Fargo’s report Thursday that it expects first-quarter earnings of $3 billion provided an encouraging sign that a deep freeze in borrowing activity may finally be thawing. Wells Fargo said it benefited from its January acquisition of Wachovia and an increase in mortgage applications.  This proves stronger confidence for the banking industry and shows that it soon could become stabilized without the help of the federal government. Keep rising Wall Street.

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