Wells Fargo sees smaller losses, lifts dividend

At a time when banking and mortgage stocks are synonymous with trouble, Wells Fargo provided investors with some much needed relief.

For the second quarter, revenues were up 16 percent, but profits were down approximately 22 percent.  This was better than expected and even though the company has posted a third straight quarter of profit declines, the company has opted to raise its dividend by 10 percent.

Analysts are questioning the timing of a dividend increase, but investors seem to appreciate the news.  Shares of Wells Fargo are trading up as much as 25 percent heading into the afternoon trading session.