Stocks Up on Tuesday After Good Bank News

Thanks to good news coming out of the banking industry, Tuesday saw the stock market rally after a slow start. Many experts are saying Timothy Geithner, the Unites States Secretary of the Treasury, played a vital role in increases confidence in the nation’s banks.

Timothy Geithner and Barack Obama (Image: Flickr)

By the end of the trading period, the Dow Jones industrial average was at 7,969.6 — up nearly 1.7% on the day. NASDAQ was up 2.2% to 1,643.9, Russell 2000 was up nearly 4% to 470.1 and the S&P’s 500 was up approximately 2% to 850.1.

On Monday, banks suffered mightily on the stock market. On Tuesday, they did much better. Goldman Sachs was up 4.7%, Morgan Stanley jumped 4.8%, JPMorgan Chase was up 9.6% and Citigroup rose more than 10%.

Geithner said on Tuesday morning that most every bank has enough capital and that the industry on a whole isn’t in major trouble. Some experts were worried that a major government crackdown on banks in the forthcoming weeks would decimate the banking injury.