The almighty dollar is running the Dow (INDEX: ^DJI) today. And I mean that in a good way.
Megabanks Bank of America (NYSE:BAC) and JPMorgan Chase (NYSE:JPM) are today's biggest winners among the 30 Dow blue chips. They're up 2.7% and 1.8%, respectively. Jobless claims are down, and it looks like Spain might not need a total bailout after all, which adds up to great news for the financial sector.
But thanks to their relatively low weight in the index, the banks combined to add just eight points to the Dow. The most effective points machine was IBM (NYSE:IBM), whose 1.3% jump pulled in 21 fresh points. The computing giant's CEO, Ginny Rometty, was just handed the keys to the chairman's office as well. The transition from IBM's golden era under Sam Palmisano is going down smoother than an appletini, and investors love it when uncertainty and management risk evaporate.
There are no real losers on the Dow today. The worst performer? Wal-Mart (NYSE:WMT), down just 0.1%, with no measurable effect on the Dow's total value. This rising tide lifts almost every boat.
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Fool contributor Anders Bylund holds no position in any of the companies mentioned. Check out Anders' holdings and bio or follow him on Twitter and Google+. The Motley Fool owns shares of Bank of America, IBM, and JPMorgan Chase. Motley Fool newsletter services have recommended creating a synthetic long position in IBM. The Motley Fool has a disclosure policy.
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