Title: Market analysis with Jim Lowell

" Wells Fargo's surprises in the market with -- early profit report that beat analysts' expectations. The results on Wall Street. The Dow Jones Industrial Average soared 246. Points more than 3%. To close at 8083. The Nasdaq Composite climbed nearly 62 almost 4% to 1652. The S&P 500 rose 31 nearly 4%. To finish at 856. Regionally Bloomberg's New England index climbed more than eleven points to New England tech stock index went up more of an eleven and report."

" I'm market analysis tonight Jim lol its chief investment strategist and adviser investments an editor of fidelity investor dot com. He's in the newsroom hi Jen -- once again the market was able to shake off some negative news and run with the good stuff today courtesy of Wells Fargo. "

" I really extraordinary especially against the backdrop of the piece you just ran concerning. Unemployment in the quest for jobs there seems to be this real disconnect between how the market's been behaving over the last six weeks. And have those unemployment numbers continue to escalate but the hard reality is that. Escalating unemployment is a lagging indicator of recovery we expected continue to rise really throughout the next quarter or two. And against that backdrop the market is looking for any signs of a turnaround today from Wells Fargo they got a tremendous surprise doubling. The expectations for its earnings of some good news terms of its acquisition of Wachovia. And this is a bank that I think everyone was looking to just to see if in fact the worst for the banking crisis. Isn't that behind us I don't think it is but for Wells Fargo it may be. Let it take its fundamentals were driving the market this as progress this is progress and while you can't over below the kinds of progress that we're seeing we're basically. Rallying on. Better than expected but still bad is you can't simply -- or discounted either we -- now -- credible evidence of the consumer spending and companies including in the banking sector recovering in bits and pieces and retail sales showing some signs of stabilizing today -- interest in -- expected to see Wal-Mart. Do well and it did well although not as well as analysts have expected. -- on the other hand did not do as well. -- and against those two sort of thing go to stores and and really recessionary times. We saw some retailers evidence of discretionary spending beginning to come back in the marketplace if ever. There's this side of the consumer being down but not out its discretionary spending."

" Tomorrow President Obama like it's an update on the stress tests being put on banks. Today rumors surfaced potential good news that the banks are passing."

" And actually there -- suggests that all of the banks that took the stress tested in fact passed. We'll get confirmation of that and about a week and a half time when the report actually gets delivered. But that couple was wells Fargo's it is also coupled with the fact that Bank of England did not cut rates today. Really just -- a global rally the fire under every single market category Wells Fargo by the way up over 30% on the day."

" The markets can take arrest over a long weekend but what's on tap for next week."

" The hard reality and in the grim sort of economic data will continue to unfold earnings will be key. I think next week the absolutely he report will be from G. Reports a week from tomorrow as goes G I think so does the second quarter of the market all right have a good long weekend Jim we'll see you next week I spent."