Another great week for economic recovery news. Beginning in the banking sector with Bank of America reporting a $4.2 billion profit for the first quarter and Wells Fargo beating their original estimate of $3 billion to end with a first quarter profit of $3.05 billion.
The week ended with home sales showing signs of revival. The housing market decline may be near an end according to a report on Friday. "All signs are pointing to stabilization in market conditions, which is due to lower prices," Michael Larson, a real estate analyst at Weiss research, said. "We still have a problem with unemployment, and that's why any rebound we see will be muted."
A report released Thursday showed sales of existing homes fell in March, but analysts say the housing market is showing sings of stabilization.
"Sales are volatile month-to-month, but the trend appears to be flattening off," Ian Shepherdson, economist at High Frequency Economics, said.
The week also ended with Amazon sales surge as Kindle takes off. On Thursday, Amazon.com beat Wall Street expectations for first quarter earnings and sales as it drew more customers online and its Kindle electronic reader gained momentum.
Stocks rallied on Friday on Ford and American Express reported their first quarter results.Ford's revenue plunged versus a year ago but topped estimates.
Treasury Secretary, Timothy Geithner reveals the global economy is on the mend. "In recent weeks, there have been some encouraging signs that the global economic downturn may be slackening," he wrote. "Conditions in some financial markets have improved and the decline in world trade may be abating."
Things are looking up. Looking for more of the same next week.
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