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SALT LAKE CITY -- Great news for Wells Fargo is translating to a big boost on Wall Street. The rally comes with word the bank expects to report record earnings: $3 billion for the first quarter.
Wells Fargo chief economist Kelly Matthews says it's one more step in the right direction for the economy as a whole.
"There's every indication that consumers have, in fact, if not bottomed, close to bottomed, and that we're not going to continue to see that free-fall decline in consumer spending," he said.
Matthews says tax incentives for first-time home buyers and grant money for new construction buyers has certainly helped boost that confidence.
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