led by a 7% rally in jpmorgan. jpmorgan late in the day, about 3:00 p.m.uncing it's raising its dividend to 30 cents a share, up from 25. and $15 billion in a buyback plan saying they did get the blessing from the federal reserve. that triggered the federal reserve to come out with an updated schedule in terms of releasing the fed's stress test. we were expecting the stress test results later on in the week. now we're being told by the fed that they will announce the details of the stress test today at 4:30 p.m. eastern time. we know that a number of banks have been wanting to raise their dividend, but they have been held back by the fed, saying that not to do so until the stress tests were complete. so we are expecting more dividend increases from the banking sector. the question of citi is one that is being debated. certainly many people expect wells fargo and goldman sachs even to raise dividends. and we're waiting on bank of america, which seems to be the troubled one of the group. and has already said that they will likely not be moving in that direct

we did north of 70 million shares for jpmorgan. there's the point that really matters, right there, when we saw that announcement of the increase in the dividend. the important thing is the $15 billion share buyback, that was much bigger than anybody anticipated. their estimate of earnings is $18 billion. $15 billion buyback? that's considerable. expectations moving very, very quickly. bank of america, 6% move. we did have announcement about u.s. bancorp that they're increasing their buyback and dividend as well. citigroup, widely expected they're going to announce a huge buyback for a long time. now they might be higher than some expectations. they may or may not be able to deliver those higher expectations. jpmorgan is the best in the group. it's the best house on the street. citigroup is not jpmorgan and neither is bank of america. these stocks shooting up like this, they're starting to get perhaps a little ahead of themselves. the other thing i want to mention for the important story of the day, that ten-year note, because this

you sold some jpmorgan today. >> i've loved jpmorgan for a long time. i think that none of this news today was surprising that they would increase their dividend. we know they'd like to do a buyback. yet the performance of the stock i think makes the likelihood of being able to do the buyback at the scale they announced unlikely. they try to be judicious in their buying back stock. they were able to buy in the low 30s in the last quarter or two. >> so much for that. >> so much for that. now it's well north of book value as a pe multiple it's not expensive, but it certainly isn't as cheap as it was. so sadly, much as i love jamie dimon, i had to sell a little bit of jpmorgan into this rally. >> big crush on the show, jamie dimon as i understand. >> not everybody. >> right here. >> to your left and perhaps you as well. and obviously melissa who's sick again today. 80 million shares jpmorgan traded today. much more than normal volume. you wonder if they'll get around to 1/3 of that. pete and john have been all over this. when you have a day like today in f

jpmorgan stock? >> i never forecast. my chin when i'm talking about the stock price. i'm not going to do it here. >> just you, me and the national audience. >> american companies are enormously valuable. you can buy them at very good prices. go down or up, they are among the best companies in the world. so the rest of the world would love to have the bowings and lockheed's and proctor & gamble. you can buy a good piece of america at a very good price. >> jpmorgan ceo says u.s. stock market can be bought for a very good price. sounds like you're making a case for the u.s. equity market. >> i personally own a lot of stocks. that's where my investments are, not in fixed income. >> i can't afford the $10,000 bet on china. i probably couldn't afford a $10 bet on china. but i'll make you a gentleman's bet, if they don't grow -- i don't think they'll grow 7.5% this year. i lose every bet i make. so you're a guaranteed winner. >> i owe you dinner if you're right. >> done. >> done. >> thank you very much. jamie dimon, ceo of jpmo

you have a buy on jpmorgan, tell me about the earnings potential there. >> jpmorgan we upgraded, it was a value call. and i usually hate value calls because you get stuck too long in value calls. but the stock was just too cheap. they'll have a great quarter in capital markets. fixed income has benefited enormously from the europe ltro program. so it's like the equivalent of the fed's purchase program. so they'll have a good capital markets quarter. and there are other businesses, maybe okay with asset writeups. for the last two years, anyway, you've had a strong first half and terrible second half. i expect you'll have a strong first -- you know, decently okay first half, and a far weaker send half. >> would you still sell citi and suntrust right here at these levels after the sell-off? >> i think sun trust is at -- you know, it's richly valued. so what's the trade here. are they going to -- you're just not going to make any money in my estimation on that name. and citi, it's difficult to move that ship. they're investing in a lot of regulatory processes, but it's like the old broken-d

of jpmorgan chase. as such i was one of the jpmorgan officials commit dealing with the mf global over the weekend before 54 bankruptcy on 2001. i appreciate the opportunity to appear before the subcommittee to describe his events. and i'd also like to thank chairman baucus for doting jpmorgan's cooperation in. before this committee. as i will describe in more detail, jpmorgan professionals work through the week of october 24th to accomplish two main goals. first, to provide operational clearing and settlement support and services to mf global insight inc., to make sure we did not wind up in a position where we extended credit to mf global without proper collateral and security protections. to understand that we are trying to accomplish, let me describe briefly to banking services that jpmorgan along with other financial institutions provided to mf global. these are fairly standard services that clearing banks typically provide to support the day-to-day broker dealer in commissioner merchant operations o

jpmorgan has a nice uptrend channel.starting to see with the results of the stress tests is we've broken out above that channel. looking at other indicators, we also see a buy. >> what do you see looking at this, it's clearly overbought, when it blows past the numbers that we've had back in 2011? >> no, i'm not saying that it's long term overbought, i'm saying short term it's gone too far too fast, traditional overbought condition. i think it's going to correct. i think there may be better names to look at. >> let's look at citigroup here. another stock that had a big run since bottoming out in november, december. somewhat similar, but not quite the steepness. >> not quite the steepness. it didn't break out until much later. it only broke its prior high recently in the march time frame. but the key difference here is, we're in an uptrend now with citi, but citi hasn't broken out of its uptrend channel. it's not overbought the way we see with jpmorgan. >> the wombottom line is -- >> the bottom line is, if you overlay the

citigroup, goldman, jpmorgan, best performing financial stocks in this first quarter. what do you do with gains as you look toward q-2? >> i'm still long financials both xlf and morgan stanley. i don't see anything today that's changed my mind fundamentally to get out of financials. we're having a sell-off in the markets. maybe it's because of europe. maybe because of china. those are issues that i already know. as long as the u.s. economy doesn't weaken significantly, which it doesn't appear to be doing, then i'm still okay being long financials. that being said, separate the fundamentals from trading. you have a 75% profit in any stock. i don't care what sector. certainly take some off the table. >> this is what you're going to have to do, right, as a trader as you head into the second quarter. many sectors have sizable gains. you'll have to decide whether you ride that wave or you have to take a little bit off. what do you do with the banks? >> certainly banks have had a nice run. over the last month we saw it broaden out. financials up 6% as a group. xlf. they have

pimco's bill gross and jpmorgan fund's david kelly will be with us. we have our very own steve liesman with us as well. or start cost me anything." "and i got a one-hundred dollar cash bonus for rolling over by april 16th." "i like bonuses." "plus at scottrade, there are thousands of commission-free investments." "and if i need help, i can find it online, by phone or at one of over five-hundred scottrade locations." "it's why more investors with i.r.a.s are saying.." "i'm with scottrade." ♪ [music] aflac! ha! isn't major medical enough? huh! no! who's gonna help cover the holes in their plans? aflac! quack! like medical bills they don't pay for? aflac! or help pay the mortgage? quack! or child care? quack! aflaaac! and everyday expenses? huh?! blurlbrlblrlbr!!! [ thlurp! ] aflac! [ male announcer ] help your family stay afloat at aflac.com. plegh! >>> let's get to our all-star panel. joining us, bill gross, david kelly and our very own steve liesman and kelly evans. quickly, bill, what are you expecting today from the fed? >> not much. i think april h

it was sold to jpmorgan with fed assistance in march. things calmed down a bit after that and over the summer there was some hope that the financial crisis would moderate but then in late summer things really began to pick up. in september 7th of 2008, fannie mae and freddie mac clearly were insolvent, they didn't have enough capital to pay the losses on their mortgage guarantees, the federal reserving worked with fannie mae and freddie mac's regulator and treasury to determine the size of the short fall and over the weekend the treasury with the fed's assistance came in and took those firms and put them into a form of a limited bankruptcy called a conservatorship and the treasury got authorization from congress to of the fannie mae and freddie mac obligations andeld fannie mae and freddie mac mortgage backed security the company itself was now sort of in a partial bankruptcy but the u.s. government now guaranteed. so that protected those investors. that had to be done or else there would have been an enormous intensification of the cris

equity strategist with jpmorgan here.ong managers who might be looking at the world in a different way? >> that's right. there is a pervasive improvement. of economic, risky assets indicators. right sectors are rallying. gold is selling off. the rally -- investors are underweight stocks right now. volumes are low. our institutional clients are sitting on their hands. this tells us there is a lot of fuel for this rally. >> something you tracked for years and we follow is underperformance by money managers who need to catch up. where do we stand on this as we come toward the end of the first quarter? >> for the -- it's interesting, but the active equity managers doing well this year. i spent about a week in boston. most these guys are ahead of their benchmarks. however, it's your macrofunds that are really overweight credit, fixed income, being safety trade are starting to look at equities. maybe net long exposure being too low. market's up almost 10%. you're going to start to see guys make a big shift when the opportunity

that may have been rein forced by jpmorgan that it passed. it would reduce its dividends and buy back stocks. four banks failed at least one of the metric. they're disputing the findings. citi says it only failed ba us of the proposed capital return plans. others are also boosting dividends. the fed says the total office for the 19 banks under the doomsday scenario would be $534 billion over some years. citi and metlife trading slightly higher with suntrust lower by 1%. joining us now to talk a little bit more about the stress test, analyst at colin stuart. matthew, what's your reaction to what we saw yesterday? obviously jpmorgan coming out a little bit early and jumping the gun on that announcement yesterday, promising the fed to come out with the rest of the results. some of the bangs didn't quite make it. >> they didn't, no. but i think overall the results of the tests were denl and helped with confidence. the test that i think was challenging enough to be credible but it wasn't designed to be harsh, to be perceived to be penal and as suc

to collins, the good would be the international/national bank stock of jpmorgan.is something i got to totally agree with wholeheartedly after that dividend boost buyback announcement. this we got after the fed talk. check out this chart. jpmorgan, along with my charitable trust, had been working higher off a "w" formation. we like "w" formations. which would be generally bullish, but then today's news gave it a shot in the arm causing a stock to break through not one, but two ceilings of resistance. including this key long-term ceiling of resistance that's been in place for ages. wow. i can't believe it did that. call owens corning, man. a big hole in the roof. anyway, plus when you look at the ppo, the momentum indicator we just examed at cullen frost, you see it again, right? same bullish crossover pattern. the crossover pattern that collins is so positive about with cullen frost. collins does think the stock may be somewhat overextended. the news did send the stock up 7%. but you know what? i feel like it's a wholesale ja jailbreak to the upside. i just only wi

>> jpmorgan is the bellwether. it shows you what the fed thinks of jpmorgan. very successful company and their numbers are going to be better. >> a lot of retail investors will see that think this is the strongest bank. that's the bank i want to buy. where could it go? >> we think into the mid-50s is a very fair target for jpmorgan over the near term because they're going to have a strong first quarter because of the fixed increase trading. >> gerard, good to see you. thanks for joining us. >>> next on "fast money," apple auctions. pete breaks down the big trading that happened there today. plus how you can dmash on the nation's changing demographics. more "fast money" up next. choose control. introducing gold choice. the freedom you can only get from hertz to keep the car you reserved or simply choose another. and it's free. ya know, for whoever you are that day. it's just another way you'll be traveling at the speed of hertz. >>> welcome back to "fast money" live at the nasdaq market site. take a look at yahoo after-hours. sending a letter to yahoo saying th

what if he ordered the transfer to jpmorgan? >> well, he actually said he didn't authorize anyone to lend any money -- any customer money. >> and it's the language. lend, not transfer. mf, not jpm. >> he said final days, everything chaotic, fluid and it undoubtedly was, and different people are asking different people for different authority, and we have here a congressional investigators memo, based upon an e-mail which we haven't seen. based upon that person's version of what she was told in another conversation by jon corzine so that adds several layers of uncertainty. so -- >>> someone could argue she mischaracterized what he said. what about the perjury aspects? >> perjury is very specific. it has to be knowing, exact. nuances are very important. he said didn't authorize anybody to lend. he also said i don't know what happened to the money, and, you know, it could come down to if it all plays out and he did say something like this, to edith o'brien, then it might come down to, well, what did that mean? what did you mean by

i would buy it. >> jpmorgan? >> jpmorgan slower growth situation. should move up 5%, 10% this year. >> are you a buyer of it here? >> i think given an increase yield some stock buyback at 10% maybe increasing the price. >> and tell me about citi. >> citi i think is going to be the most active of all of the bank stocks of the big bank stocks in terms of its growth this year. i think that you'll see citi grow at least 25% this year. >> all right. you're a buyer of the three names sounds like to me. >> absolutely. >> great to have you on the show. talk to you again soon. b.k., thoughts on banks? >> love banks. one thing that goes into dick's comments is that last thursday we saw for the first time since the second quarter of 2008 consumers, households, actually starting to add debt to their balance sheet. deleveraging here in the u.s. appears to be over. that should benefit the banks. i like them here. one question i would have for pete nagarian is whether or not i can buy the weekly options here and use this bank test as a catalyst. >> that's a great

we'll ask the cio for global portfolios at jpmorgan's private bank. >>> all right. here's a look at how some commodities markets are performing. crb index is down primarily because we've had big moves to the downside in the gold market. and also in the nat gas market, which is down about 4%. corn though is up once again today. back in a moment. [ mujahid ] there was a little bit of trepidation, not quite knowing what the next phase was going to be, you know, because you been, you know, this is what you had been doing. you know, working, working, working, working, working, working. and now you're talking about, well you know, i won't be, and i get the chance to spend more time with my wife and my kids. it's my world. that's my world. ♪ >>> welcome back to "power lunch." rick santelli on the floor of the cme group. well -- excuse me, if you look at intraday ten, certainly you can see we're elevated, but not much. still hovering around that 2% level. same pattern for the bund. when you consider all the stories today about the next countries that are probably going to b

jpmorgan is today telling clients a list of companies that are high cash. i'll bring you those names as we go on. but many of them technology. he says the high cash sectors, financials, industrial, and tech. we'll be back with those. >> higher dividends. >> dividends and buybacks. >> put it to work. >> exactly. we're 40 minutes until the bell rings. >> the biggest weekly pullback that we've seen since mid-december. we'll getting talking numbers on that. >> and then we'll speak with duncan niederauer and how anemic trading volume is impacting the bottom line. >> this is a look at how the dow has been trading today. a little more green than red. back after this. see your lexus dealer. since ameriprise financial was founded back in 1894, they've been committed to putting clients first. helping generations through tough times. good times. never taking a bailout. there when you need them. helping millions of americans over the centuries. the strength of a global financial leader. the heart of a one-to-one relationship. together for your future. ♪ without the stu

>> i spoke to esf o'brien about the transfers that jpmorgan was focused on. she provided me with copies on the transfers the match with jpmorgan and described to me and again, my very clear understanding is that if the compliance certificate was limited to the transaction and transfers she was able to sign at. >> to the of the concerns whether she should sign it or not? >> not as it related to the transfers. >> whether any of the transfers she was concerned about? >> we did not discuss any others to read the would be involved to some transfers, not others, to say everything has ever been done on those accounts at the beginning of time and any time in the future with an compliance they need comfort right now. let's get them comfort on with the need and provide appropriate >> did she ultimately sign any of those letters? >> by understand she did not. >> i do not. >> did you ever talk to mr. record -- if corzine? >> did you call jpmorgan yet, but there was my only conversation about it. >> y vose mf global not able to certify as ms. obrien hadn't used customer o

china at a three-week low, jpmorgan says they are already in a hard landing.isco buying an israeli maker of tv software called nd 5 for $5 billion in cash. what's behind that move? we're calling it the 700 club, the fourth analyst in three days to take the price targets above 700. in the meantime, the reviews are in on the new ipad, and boy, are they good. but first, some more drama over the goldman sachs resignation letter. in a memo sent to employees, jamey dimon told the staff -- i want to be clear i don't want anyone here to seek advantage from a competitor's alleged issues or hearsay, ever, it's not the way we do business. he did not specifically address goldman, and david, i think you have a copy in your hand? >> i do have a copy of the memo. very short and to the point, but he did say to "new york times" op-ed piece, and this was sent really to the top executive management at the firm by goldman sachs executive, generating a lot of discussion. he simply says let's not try to take advantage of a competitor's alleged issues or hearsay ever, it's not the w

jpmorgan chase and all our top sponsors. thank you to our board members. thank you for support. it is going to be a great year ahead and think you for coming out this morning. -- thank you for coming out this morning. [applause] >> you can see that it is amazing. you can hear that it is refreshing. you reach for it because it is irresistible. and the taste. simply delicious. san francisco tap water. it engages the senses. 311 is an important resource for all san franciscans. shouldld >> you know, i spent this morning with a number of department heads, and thanking them for their wonderful contributions for the heart of the city charity contribution this morning, sharing stories about what our contributions are doing in the charity giving for the city. i registered to them the same thing that i will register to our upcoming commissioners who are about to be appointed here today. a huge thank you for you, your families, supporters. you are joining the city family, me, sean elsbernd, department heads are here today, because we

jpmorgan is more aggressive, slightly better management too.ells is an excellent company though. >> all right. so you'd buy that. apple, all the buzz this week. it's had a phenomenal year so far certainly. what would you do with apple? >> you mentioned up 34% year-to-date. too many people are focusing on the five handing, on the stock price. you have to focus on the valuation. it's still very cheap. 13 times this year, about 11 times next year. and growing like a weed. so i would cistill buy apple rit here. >> do you have a price target? >> i want to put something that's not out there, 647.50. no. i don't know. it's going to keep going. >> i was like okay. >> if it got to a 20 multiple, which is $1,000, that wouldn't concern me. that would still be cheap. it's growing much faster than the market. >> wow. okay. let's move to microsoft. a stock that was an underdog last year certainly. has had really good performance so far this year. >> here's the story. it's actually not that much cheaper than apple. it's one multiple point cheaper than apple.

joining me is david kelly, chief market strategist with jpmorgan funds and -- from the the motley fool website. >> david kelly, we saw major milestones this week. the dow passing 13,000. the nasdaq at 3,000. the s&p at 1400 and the fed slightly upgrading its view of the economy. do you think we continue to climb here? what's the significance of those round numbers, if you will? >> the significance of them is the impact they have on confidence. that is what is driving a lot of what is going on in the economy and the markets in the last few months. people are finally shaking off the blues they have had in the so-called recovery to this point. most confident dense measures are moving up. we have hit the milestones and people feel better putting money in to equities and should drive eck dwity prices higher. >> another big story this week the former goldman sachs employee greg smith. he blasted them saying the company was more interested in making money for itself than clients and clients were called muppets by goldman employees. what's your take on this? >> first of all, that's one man's v

jpmorgan chase, wells forgo, those are the types of banks that did well. the fed is growing more upbeat about the job market and growing economy too. at the conclusion of its policy meeting, the central bank said the unemployment rate should keep falling and said strains in the global financial markets have eased but could still pose a threat. ben bernanke pledged to keep interest rates at record lows till at least 2014. >>> the unemployment rate in virginia, maryland and the district all fell in january. according to the latest report from the labor department, virginia's unemployment rate dropped to 5.8%, maryland to 6.5% and d.c. fell to 9.9%. >>> high gas prices aren't just hurting your budget. higher fuel costs are also chipping away at profits for some of the nation's biggest airlines. southwest is warning it won't turn a profit this quarter because of higher fuel prices. jet fuel has risen every year since 2008 now the biggest expense for most u.s. airlines and the biggest expense for consumers when they buy a ticket on those airlines. >> see you in

plus jpmorgan's jamie dimon says the u.s. may no longer be at risk of another recession and the housing market is nearing the bottom. do you agree. stay tuned for more. >> and just to recap the german jobless numbers, adjusted jobless total minus 18,000 according to the labor office and that compares for a consensus of a 10,000 decline. the adjusted job last rate, 6.7%. it was 6.8% in february. so the unadjusted job last total has now fallen to $3 million from there 3.1 in february. and that's just helping the you're low dollar. we had technical highs, so we'll see whether that all-parent number tries to help the euro go higher. we'll keep our eyes on spain. spanish workers are taken to the streets for a 24 hour nationwide strike as unions challenge the fledging conservative government. protests come ahead of the release of this year's budget which is scheduled for tomorrow. stefane is in madrid following the strike action and the likely impact. is there might go here that will blow the go. off course? >> no, i think they wil

jpmorgan chase and all our top sponsors. thank you to our board members. thank you for support. it is going to be a great year ahead and think you for coming out this morning. -- thank you for coming out this morning. [applause] >> which celebrated the electric vehicle charging stations and facilities in san francisco today. i am the deputy general manager for the san francisco public utilit

i spoke with jpmorgan.y explain that we have to look at the reason for the rise in the price of oil. >> oil is rising because global demand for goods and services is actually accelerating. japan is a big beneficiary of that because japan is such a powerful exporter. bad news would be a supply shock if you did have a blockade of the strait of hormuz or a war in the middle east and you'd have a big supply disruption, that would be cost push and japan would get a double punch with declining global growth as well as an increase in costs really squeezing profits. >> koll added that global growth last year was 1.8 to 1.9%. this year it's expected to be between 3 to 3.5%. this is a result of a strengthening global economy and not a weakening one. as for japan's growth, if oil stays at around $120 a barrel or so, koll says its gdp will stay where it is now probably, but at $160 a barrel people may take notice, then we might see japan's gdp fall. as for oil's affect on japan, inflation, koll says that the country ac

jpmorgan chase and all our top sponsors. thank you to our board members. thank you for support. it is going to be a great year ahead and think you for coming out this morning. -- thank you for coming out this morning. [applause] >> good morning. supervisor carmen chu, thank you for being here in our city administrator, namely kelly, thank you for being here. of course, our new public works director and his wonderful staff here. thank you very much there is a reason why there's

of jpmorgan chase. said, "i believe in a compassionate, loving god who cares about people. do you believe in such a god?" and he said, "that's a hard question to answer." but what we saw there was an opportunity for people that are customers at jpmorgan chase who've been victimized by jpmorgan chase actually engage the ceo in a real conversation, and put some heat on those folks. we would like to challenge these ceos to come out and see the neighborhoods and the communities that they've devastated. we've got blocks in chicago that have ten bank-owned properties sitting foreclosed, barely boarded up in a neighborhood. that is a moral crisis. like, if that happened in jamie dimon's neighborhood or in brian moynihan, the head of bank of america's neighborhood. it'd be front-page news. i think we have to look at two things. which banks are too big to fail? because we cannot have another bailout. banks that are too big to fail are too big to exist. but we also got to look at what banks and what corporations are too big to be held accountable. because if they're too big to be hel

jpmorgan chase and all our top sponsors. thank you to our board members. thank you for support. it is going to be a great year ahead and think you for coming out this morning. -- thank you for coming out this morning. [applause]

and i think the best name is jpmorgan. so i want to get bullish in jpmorgan. way to do that is buy an april $41 call for a buck. now because of the run these have had, i don't want to buy the stock. i'd buy a call, define my risk. i'm not risking that much money. but importantly, the april expiration will catch the april 9th projection. >> all right. catch more "options action" every friday 5:00 p.m. follow on twitter as well. >>> up next on "fast," sun, sand, and bonds. you'll never guess where we found the next hot trade. when "fast" comes back. >>> welcome >>> welcome back to "fast." want to bring you an after-hours action right now. take a look at shares of urban outfitters. they missed on both the top and bottom line. shares are getting hammered as a result. you see the initial trade up, then off a cliff there. dr. j? >> costco, dillards, there's a bunch that are hitting 52-week highs. this is not on that list. so i'm staying away from urban outfitters. i haven't seen a reason to go in here yet. maybe karen you have. >> too rich for me. >> not compelling

. >> jpmorgan becoming the first bank to boost its dividend after the fed stress test. it came two days after the government planned to post government results. that forced the fed to release results after the close. four banks failed the stress test including citi. >> citi only fails under a scenario where it's gone ahead with a capital distribution plan. so what does all this mean? they hope to return more capital this year through stock buybacks or a dividend increase is less likely to happen. the news a black eye for ceo's vikram pandit. while citi's tier one quality ratio stood at a hefty 11.7% last year it drops to an unacceptable 4.9% of a 50% decline in the stock marked and 13% unemployment rate and a 21% housing crisis by 2013. that is if one include as capital plan that citi submitted to the fed. without taking action on that which can't be done would their approval, it's given a pachls citi which survived a financial crisis declined comment on the capital plan it submitted to the fed. the bank can submit a new and like lie smaller one 30 days from now but the

. >> we like jpmorgan. if you want to beat your benchmark, you have to pick your stocks. every good advance starts wa strong foundation. here we have a textbook double bottom. we've seen bullish trend acceleration. just last week we saw the breakout up $38, that took out that resistance there, a confirmed base breakout. what i like about this chart is the month-long pattern of sideways consolidation. it's the pause that refreshes. we've reasserted ourselves. we think jpmorgan has upside to $48. >> this is an interesting move, just like basically vat up in the last several weeks. thank you very much. we appreciate it. rich ross on financials. bill, back to you. >> nice work with the telestrator there, partner. good job. we're heading to the close here. the dow up three points. we have turned positive as we head to the close here. we'll get more coverage on that coming up. despite ben bernanke's testimony of what he didn't say to congress this week, our next guest believes the qe-3 is on its way. we'll find out why and how you should invest as we go ahead. here's standout p

i love jpmorgan. >> you would buy the banks here? >> absolutely. because they've cleaned their act up. jpmorgan's got a balance sheet that's like a battleship. wells fargo, the same thing. bank of america is getting better. citi's getting better. >> i need to ask you about oil as we wrap up here. it's at $105 a barrel. money moving into oil. assume you have the middle easterners, that's where the money's going to be, and they'll put it all over the world because of the price of oil. what's your take? is this going to impact the economy? >> it has to at some point. look, you take fuel costs to the airlines, at some point, you know, demand is elastic. so the airlines have now got to raise prices to accommodate the higher costs they're paying for jet fuel. look, people now, i can't afford that. i'll stay home this summer. i won't go away. oil prices can be dealt with if we're more realistic about exploration and development. okay? nuclear power is safe. believe it or not, it's safe. >> we need an energy policy. >> right. and by the way, if we agree to

jpmorgan, goldman sachs, a glancing blow. the op ed piece. jpmorgan talking about revenue growth.do some good. >> morgan stanley is down a percent. >> trade going into the earnings because the stock has had such a run. people wrote the stockoff during the mf global. a very aggressive stance. i wish all banks took that on. look what it's done. it gave you a double. >> financials are struggling to stay in the green. i want to head over to pisani who is on the floor with brian. brian? >> before we get to apple, which is on everybody's mind, bob be, i want to talk about the overall market. you were just chatting and you were saying how amazing how many naysayers are out there. >> my e-mail fills up with them every single day. they think the rally is wrong and the economy is not right. they think somehow in the second or third quarter is very prevalent and they are out there saying this is going to be it. i've been in the glass is half full several months now. i see the numbers improving every single month here but the important thing is, these people have been wrong so far. >> sure. >

jpmorgan chase coming off with flying colors. they will hike their dividend by 20%. chase also announcing a stock buyback. futures this morning are calm. news from jpmorgan chase -- milder weather brought the shoppers alpert we had good economic news yesterday. more americans stretching out on a new sofas. sale of furniture is up. ethan allen is expanding. the wild card is gas prices. an economist says higher prices may start to dissuade consumers from extensive discretionary purchases. i'm jane king for wbal-tv 11 news. back to you. >> it is starting to feel like summer. i understand some hotels may not be offering access to their puools? >> when you book a room, you want to ask about access. there are regulations that go in place tomorrow that may prevent you from doing just that. hirewant disney's plan to more military veterans. >> thank you. >> 61 degrees on tv hill. a mother tries a public form of punishment after her daughter is caught shoplifting. >> don't forget to e-mail us your response to our water cooler question of the day. do you support the governor's

it's up 17% in 2012 after the companies were down all of last year and shares of jpmorgan chase popped yesterday when it announced ahead of the fed stress test results. jpmorgan's mowment actually forced the feds to release the test results two days earlier so wall street will react to the test results this morning. the dow starting a pretty nice place to begin with. surged 218 points in jade. nasdaq had its first close above 3,000, first time since december 2000. it climbed 56 points and the s&p 500 added about 25 points. it's at a really nice place this morning for wall street. >> the question is you were saying citibank might-- >> we'll have to see how investors react to that. it is kind of a surprise. citibank has been trying to win back the hearts and minds of investors. it's a well capitalized bank but looks like they'll have to go back to the books and see where their major stress points are and address those financially. >> that stress test was really pretty impressive. that's a lot to deal with. >> investors are very interested in that but what about the average customer? do t

jpmorgan, arguably the premiere banking institution on earth. >> buy, buy, buy!> ibm, a spectacularly well run international consulting company tremendous in intellectual capital, caterpillar, which may be levered to china may have an ace in the hole with the u.s. market given that the last time the average was twice as much business in this country as it's doing now. it's the subtext that really makes the optimistic for the future of the averages. the subtext being the leadership in housing and housing-related stocks, domestic banks, and retailers. why are these sectors so important? because they're all signs of truly strengthening and not on steroids by a strengthening economy. the last time we were at these levels, housing was up. the banks were about to fall apart, the consumers in the stock market, the job market, the housing market, about as deeply as we saw in the great depression. now the consumers leading us out of the morass. starting to buy homes at the fed's low interest rates. starting to buy a huge number of cars. even with gasoline very high. you k

purported goldman employees give the rating of 3.8 compare today 3.1 for jpmorgan and 2.9 for citi.d to write pros and cons. solid place to work, great place to start your career, gs is a mer tok ri si where you are given a lot of credibility once proven yourself. cons, losing luster. not recommended for innovators and or impatient people. not a place to work where the markets are down. so who is greg smith wrong or is he right and things have changed and most remaining employees are fine with that? leave your comments on the blog. by the way, scott, nobody mentioned muppets. >> thanks, jane. final trades when we come back. [ mujahid ] there was a little bit of trepidation, not quite knowing what the next phase was going to be, you know, because you been, you know, this is what you had been doing. you know, working, working, working, working, working, working. and now you're talking about, well you know, i won't be, and i get the chance to spend more time with my wife and my kids. it's my world. that's my world. ♪ ♪ ♪ ♪ [ male announcer ] not everything powerful has to guzzle fuel.

first jpmorgan comes out and raises its dividend by 10%.announcing a massive $15 billion buyback. and then the real game changer. the federal reserve announced results of the latest round of stress tests two days early. telling us that 15 of the 19 largest banks in america do have enough capital to withstand another severe recession. and these were not phony stress tests like they did in europe. the fed looked at whether our banks could survive a scenario where the unemployment rate spiked to 13% while housing prices dropped 21%. the market tanked, and both europe and asia experienced economic slowdowns. come on, that's serious stress. much more than i even experienced in my four hours of tv today. since then, the rally in the banks has been so powerful that it's lifted stocks of companies that failed the stress tests like suntrust which is a good bank. and i think this move, far from over. so how do we play this lazarus-like revival in the banks? you could just do the straightforward thing and buy the obvious, jpm, like we've been doing fo

in essence jpmorgan chase almost jumped the gun a little beth. we weren't expecting to hear from the federal reserve and those stress tests. the federal reserve announced the results of those stress tests. what's significant that 15 of the 19 banks did pass the stress test. the banks would have enough capital reserve to be able to understand another recession if, indeed, that were to happen. the criteria for the stress test was very severe with a 13% unemployment rate, a drop of 50% in the stock market, and a 21% drop in the value of housing prices. keep in mind that the stress test was extremely severe in terms of the criteria. so the four that didn't actually pass the test which include citigroup, sun trust, ally financial and met life, not that they're going to be in financial ruin or certainly not in any danger necessarily but didn't meet that 5% or one portion of the criteria of the 5% capital ratios. citigroup has said that it is going to submit a revised capital plan to the federal reserve in hopes that it can meet the criteria that has be

a late surge was sparked by jpmorgan chase announcing it will buyback as much as $15 billion worth of stock. after the bell, all but four of 19 major u.s. banks got a clean bill of health from the federal reserve and permission to boost incentives. investors dumped shares of citigroup in late trade after learning the nation's third largest bank was among those that did not pass the fed's stress tests >> economic optimism pushed the nasdaq above 3,000 since the dot com bubble burst in 2000. and adding to optimism a healthy increase in february's retail sales. urban outfitters was the exception, losing 5% on a weak earnings report. yesterday the u.s. asked the world trade organization to force china to ease restrictions on exports of raw materials. china's state-run news agency warned the move could trigger a backlash. former news international exec was released on bail for the second time yesterday in connection with an ongoing phone hacking scandal at the london tabloid. back here at home, the securities and exchange commission charged two amerprise financial advisers with insider tra

jpmorgan also cutting pandora's price target to 17. it was at 22. pandora is a compelling long-term play in the space of mobile ads. ceo joe kennedy of pandora says he expects the company to become the biggest radio station in u.s. markets by the end of the year. the stock dropped by more than 40% since going public. you heard from the market maker in the stock, we're looking at the heaviest volume since the ipo. ty, back to you. >> they may not be stealing the headlines today, but there are some "under the radar" stocks that are making big moves that you should know about. courtney reagan has been rounding ul all the action. >> apple's the one we're probably paying the most attention to today. there is money to be made in a number of names today. look at stage stores, up today. the department store did disappoint on its earnings. however, its forecast going forward was very optimistic. that's what's sending shares higher. investors really optimistic today. but stage stores isn't the only high-flying retailer today. look at all of these names. lowe'