Big Banks Rally; Dow Up 119

Stocks gained today on some positive earnings reports, but anxiety over the ramifications of government "stress tests" kept the lid on, the Wall Street Journal reports. The disclosure of the “stress test” methodology seemed to boost the biggest banks, like Bank of America, Wells Fargo, and US Bancorp, but investors worried about the trickle-down effects to lesser-known midsize banks. The Dow closed up 119.23 at 8,076.29, the Nasdaq rose 42.08 to 1,694.29, and the S&P 500 rose 14.31, closing at 866.23.

• For the week, the Dow lost 0.7% and the S&P 500 fell 0.4%—ending a 6-week stay in positive territory for both—and the Nasdaq climbed 1.3%.

(More Dow Jones stories.)