[BRIEFING.COM] A better-than-expected earnings preannouncement from Wells Fargo sent the financial sector surging 15.5%, which induced buying in the broader market and helped the Dow move back above 8,000.
Wells Fargo (WFC 19.61, +4.72) isn't scheduled to officially announce first quarter earnings results until April 22, but came out this morning to let investors know it expects to earn $0.55 per share for the quarter. Analysts had forecast earnings of just $0.24 per share. Wells Fargo also indicated its combined net charge-offs are down sequentially and that the legacy Wachovia business is operating well.