THE EVENT: The Treasury Department is directing 10 of the nation's 19 biggest banks to boost their capital levels by a combined $75 billion, as a result of the government's stress tests.

The Treasury released the much-anticipated results late Thursday, with Bank of America Corp. (BAC), Wells Fargo & Co. (WFC) and GMAC LLC being instructed to raise the most capital. JPMorgan Chase & Co. (JPM), American Express Co. (AXP) and Goldman Sachs Group Inc. (GS) were among the financial institutions deemed to not need fresh capital.

Meanwhile, banks began announcing plans to raise cash Thursday.

Treasury Secretary Timothy Geithner, in a press conference, said he was "reasonably confident" the banks could raise the needed capital. Federal Reserve Chairman Ben Bernanke said the results should provide "considerable comfort" about the health of the banking system.

THE DETAILS: The Treasury said that losses at the 19 banks in 2009 and 2010 could be $600 billion under the government's scenario of a deepening economic downturn. Mortgage and consumer loans could account for 70% of potential losses.

The following institutions were directed to raise capital:

* Bank of America Corp. (BAC)    $33.9 billion 
* Wells Fargo & Co. (WFC)        $13.7 billion 
* GMAC LLC                       $11.1 billion 
* Citigroup Inc. (C)             $5.5 billion 
* Regions Financial Corp. (RF)   $2.5 billion 
* SunTrust Banks Inc.(STI)       $2.2 billion 
* KeyCorp (KEY)                  $1.8 billion 
* Morgan Stanley (MS)            $1.8 billion 
* Fifth Third Bancorp (FITB)     $1.1 billion 
* PNC Financial Services (PNC)   $600 million

These institutions were deemed not to need new capital:

* JPMorgan Chase & Co. (JPM) 
* American Express Co. (AXP) 
* Goldman Sachs Group Inc. (GS) 
* Bank of New York Mellon Corp. (BK) 
* MetLife Inc. (MET) 
* Capital One Financial Corp. (COF) 
* State Street Corp. (STT) 
* BB&T Corp. (BBT) 
* U.S. Bancorp (USB)

MARKET REACTION: Financial stocks closed lower Thursday, along with the broader market, as investors awaited the release of the test results. But most of the stocks involved in the stress tests rose after hours, as the end to the intense investigation into banks' books brought relief. Fifth Third jumped 23%, Bank of America rose 9.4%, State Street gained 7.2%, and Citigroup rose 6.8%.

The Dow Jones Industrial Average closed 1.2% lower at 8410, the S&P 500 lost 1.3% to 907, and the Nasdaq Composite fell 2.4% to 1716.

Treasurys fell hard Thursday, driven by a poor $14 billion 30-year bond auction. Selling intensified after the auction, pushing the 10-year and 30-year yield to the highest levels since November.

Crude-oil futures ended higher, as expectations of stronger summer gasoline demand supported prices.

WHAT IT MEANS: The Treasury directives come after the government's weeks-long exercise testing how the 19 banks would fare under darker economic scenarios. Bernanke said the tests weren't "tests of solvency."

The banks that need capital will have until June 8 to develop a detailed plan for how they will raise any new required capital, the Fed and other bank regulators said Wednesday, and until Nov. 9 to implement that plan.

WHAT'S NEXT: U.S. officials stressed that the move to bolster capital needs to occur across the banking industry, not just at the largest firms. Geithner said the department will reopen existing programs to make capital available to banks of all sizes, suggesting the government's intervention in the financial markets could go on longer than expected.

The following are key stories:

 
-US Treasury: 10 Of 19 US Banks Need To Raise $75B In Capital 
Financial Cos Scramble To Raise Cash, Meet Stress Test Rules 
STRESS TEST: CEOs Outline Capital-Raising Plans, Way Forward 
Amounts Of Capital Raises Vary Widely For 10 US Banks 
Citi CFO: Bank Differed With Government's Revenue Estimate 
American Express CFO: Won't Use Common Equity To Repay TARP 
STRESS TEST: GMAC Shortfall May Lead To Bigger Government Role 
-IN THE MONEY: Arbs Bet Banks Will Use Stock Swaps To Get Cash 
-IN THE MONEY: What Tier 1 Common Cap Shows About The Banks 
-STRESS TESTS: Government Using Little-Known Capital Measure 
-STRESS TESTS: Regional Banks Might Face More Pitfalls 
-STRESS TESTS: MetLife's Insur Strength Carries Along Its Bank 
-Financials Erase Gains Before Stress-Test Results 
-Bernanke: Hopes Stress Tests Add To Mkt Confidence 
-Budget Projects $91B In Losses From US Bank Failures In '09-10