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Higher Open As Most Banks Pass Stress Test

The majority of the nation's largest financial firms passed the Federal Reserve's stress test to lift the markets to a higher open with the Dow rising 38 points to 13,216. Nasdaq added 6 points to 3046.

On the upside

Regions Financial (NYSE: RF) priced its offering of 152.9 million common shares at $5.90 per share to raise approximately $900 million to repurchase its preferred stock that were issued to the government under the Troubled Asset Relief Program.

Bank of America (NYSE: BAC) passed the Federal Reserve's stress test.

Cliffs Natural Resources (NYSE: CLF) will more than double its quarterly dividend from 28 cents to 62.6 cents payable on June 1 to shareholders of record April 29.

On the downside

Citigroup (NYSE: C) and MetLife (NYSE: MET) both failed the Federal Reserve's stress test.

Shares of Vodafone Group (Nasdaq: VOD) fell over a possible European Commission investigation for collusion.

American Capital Mortgage Investment (Nasdaq: MTGE) priced its public offering of 12 million common shares to raise approximately $260 million.

In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 4 on the NYSE and by more than 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks edged up a fraction to 831.

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