After being up over 300 points, the blue chips gained 216.48, or 2.8 %, to close at 7,978.08 while breaking 8,000 during intraday trading. The changes to mark to market accounting by FASB sent financials soaring. The Dow is now up 20.4 % over the last month, its biggest percentage gain in a four-week period since the spring of 1933. The Standard & Poor’s 500 index advanced 23.30, or 2.9 %, to 834.38. The Nasdaq composite index rose 51.03, or 3.3 %, to 1,602.63.

The Treasury Department, which oversees the TARP, reported 5 banks returned a total of $353 million of bailout money. The institutions have 15 days to buy back warrants from the government. If they don’t, the government will sell them to private investors.

The G20 will provide the International Monetary Fund (IMF) with an additional $1.1 trillion to extend loans and credit to developing nations to help revive trade.

Morning Outlook

Global markets lost some steam to end the week a day after the G20. Asian stocks rose modestly; Japan’s Nikkei 225 stock average added 30.06 points, or 0.3 %, to 8,749.84, but traded well off its highs. Hong Kong’s Hang Seng edged up 23.72, or 0.2 %, to 14,545.69. South Korea’s Kospi rose 0.5 % to 1,283.75. During morning trading in Europe, Britain’s FTSE 100 was down 0.2 % to 4,118.98, Germany’s DAX rose 0.5 % to 4,404.43, and France’s CAC 40 slipped 0.1 % to 2,990.49.

Markets will be looking at the labor situation in the U.S. We have seen better than expected news from other sectors of the economy as of late. However, employment is expected to remain extremely weak, hampering consumer confidence and a true recovery. Futures are currently mixed ahead of the report. Dow Jones industrial average futures fell 2, or less than 0.1 %, to 7,956. Standard & Poor’s 500 index futures rose 0.20, also less than 0.1 %, to 835.70. Nasdaq 100 index futures rose 8.50, or 0.7 %, to 1,310.00.

On the Corporate Front

Research in Motion (RIMM) forecasted second quarter sales will be 88 cents to 97 cents a share, compared with the 82-cent average analysts estimated. Shares soared over 22% in afterhours trading.

Economic Calendar

Reviving the jobs market is critical in restoring confidence in the marketplace. Wednesday’s ADP report was not a welcomed precurser to the Labor Department’s monthly figure.
8:30 AM
Employment Situation: The employment situation is a set of labor market indicators. The unemployment rate measures the number of unemployed as a percentage of the labor force. Nonfarm payroll employment counts the number of paid employees working part-time or full-time in the nation’s business and government establishments. The average workweek reflects the number of hours worked in the nonfarm sector. Average hourly earnings reveal the basic hourly rate for major industries as indicated in nonfarm payrolls. Analysts expect 650,000 jobs to have been cut in March, while the unemployment rate rises from 8.1% to 8.5%.

10:00
ISM Non-Mfg Index: A compilation from 60 non manufacturing sectors across the economic spectrum. The index helps gauge strengths and weaknesses within the economy. The composite index for the month of March is expected to have a reading of 42; the composite index from the ISM non-manufacturing survey fell 1.3 points in February to a 41.6 level that indicates accelerating contraction through the bulk of the economy.