Watch stocks you care about
The single, easiest way to keep track of all the stocks that matter...
Your own personalized stock watchlist!
It's a 100% FREE Motley Fool service...
As if yesterday's big move upward wasn't enough, the stock market added to its gains with a more modest advance this morning. Economic news that import prices rose and a widening trade deficit took a back seat to a controversy surrounding the departure of a Goldman Sachs executive and his revelations about the Wall Street firm's business practices. At around 10:45 a.m. EDT, the Dow Jones Industrials (INDEX: ^DJI ) were up 38 points to 13,216. The S&P rose a point to 1,397.
The big news from last night was the release of the Federal Reserve's latest stress test results. Bank of America (NYSE: BAC ) was the big winner, gaining 4% on news that it had passed the test, while American Express (NYSE: AXP ) had a 3% move. JPMorgan Chase (NYSE: JPM ) also advanced, although less strongly as its success on the stress tests was more expected. JPMorgan announced that it would increase its dividend following the favorable results, but B of A said that it planned to keep its currently low dividend payout unchanged, presumably to help it in its continuing efforts to keep capital levels high. AmEx hasn't made a dividend announcement yet.
On the down side, Disney (NYSE: DIS ) fell 1.6% after nearly hitting a 52-week high on Tuesday. Despite objections from investors, CEO Bob Iger officially took over as board chairman yesterday. He'll have the dual role until at least early 2015.
Even as the Dow vaults higher, focusing on the long term is the smartest move you can make. Top stocks establish themselves in the long run. Learn about the one stock the Fool's chief investment officer picked to crush the market in this free report: "The Motley Fool's Top Stock for 2012." Instant access is just a click away.