July 14, 2012
In another crazy week on the Dow Jones Industrials Average (INDEX: ^DJI ) , many investors may be left (justifiably) scratching their heads. Up until Friday morning, the markets were all doom and gloom. JPMorgan Chase (NYSE: JPM ) posted a massive loss yet still soared, and the markets had a crazy upbeat day. What gives? We have domestic growth forecasts getting cut, Brazil driving off a cliff, and the Federal Reserve pausing on more quantitative easing.
There were hugely promising earnings from the finance sector, as both JPMorgan and Wells Fargo popped big on the day. There is also speculation that China could be lowering interest rates once again and potentially boost its already impressive, albeit slowing, GDP growth figures.
Without a doubt, though, the main storyline this week is banks, banks, banks. The market's most hated sector over the past few years has turned out some serious winners in 2012, including Bank of America, which is the Dow's best-performing stock of the year. You can read more about why our top banking analyst is enormously bullish on this stock in his exclusive Bank of America report by clicking here now.