Banking Sector Gains, Oil Prices Tops $60 A Barrel

Investors were optimistic about the banking industry's feature given the ease by which banks were able to raise capital. Meanwhile, oil prices reached $60 a barrel due to inventory concerns. The Dow rose nearly 70 points to 8544 while Nasdaq surged 18 points to 1753.

On the upside

Bank of America (NYSE: BAC) successfully raised nearly $13.5 billion by issuing new stock in order to shore up its balance sheet.

Toll Brothers (NYSE: TOL) posted sharply lower revenues, but the results for the homebuilder narrowly beat expectations.

Shares of chip designer Analog Devices (NYSE: ADI) rose after the company reported lower revenues and earnings that beat targets. Analysts promptly upgraded the stock.

Discount retailer Target (NYSE: TGT) reported slightly higher revenues and lower 1st quarter profits to beat estimates.

On the downside

Hewlett-Packard (NYSE: HPQ) posted lower revenues and earnings that met expectations and announced plans to cut 6,400 positions or 2% of its global workforce.

Shares of Regions Financial (NYSE: RF) sagged after the Alabama-based bank offered $1.25 billion in new stock.

In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 1 on the NYSE and by a margin of nearly 3 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks rose 3 points to 496.