It looks like earnings are really driving this market over the last few weeks as investors are looking for signs of stability. Last week Google helped drive the markets higher. The week before GE helped to drive the market into the ground. Looks like it is Bank of America's turn. Bank of America announced that its profit fell 77% in the first quarter, hurt by trading losses and a $3.3 billion increase in reserves for problem loans.

"The Charlotte-based bank, set to acquire troubled subprime mortgage lender Countrywide Financial Corp. later this year, reported earnings of $1.21 billion, or 23 cents per share, on $17 billion in revenue. That compared with net income of $5.26 billion, or $1.16 a share, a year earlier on $18.16 billion in revenue."

Last week, was not great for the financial sector in general. Wachovia Corp. said it lost $393 million in the first quarter, Washington Mutual Inc. lost $1.1 billion, Wells Fargo's profit fell 11% , JPMorgan Chase's profit slid 50%, and Citigroup posted a loss of $5.1 billion.

Bank of America's chief executive, Ken Lewis, said in a statement that the first-quarter results "clearly did not meet our expectations."

He added: "The weakness in the economy and prolonged disruptions in the capital markets took their toll."

Bank of America said it "remains concerned" about the health of the consumer.