An excellent surge heading into the long weekend pushed stocks higher all over the board but the biggest rally was seen on the financials after Wells Fargo said they would post better than expect results when earnings are posted.

Market Summary for Thursday:

Some other points to note heading into the long weekend:
For those that are looking to get a mortgage. The rate has gone up for the first time in 4 weeks. This could be another sign of improvement. Link.

Chevron Corp., in its interim quarterly update, warned late Thursday that falling oil and gas prices and thin refining margins point toward a first-quarter 2009 profit that will be “sharply lower” than its fourth-quarter 2008 results.Link.

As one of the most dizzying bear market rallies in Wall Street history enters its second month, a nagging question faces investors: Is the stock market making real progress, or glossing over deeper problems in the economy that will start a new wave of losses? Link.

Colony Capital LLC and MGM Mirage (MGM) are no longer in talks over a potential investment in the struggling casino company, a source close to the discussions said on Thursday. This is going to batter the casino/resort stocks (eg. (LVS)) which I traded in the past. Link.

That is some news to watch for this weekend. Hope you all enjoy the long weekend!

Happy Investing!

Aman, MBA

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