While economists gathered around the water cooler to discuss whether or not a recovery was really underway, stocks soared, consumer confidence grew, and home sales rose. The broad commodities market had a fantastic month; the dollar didn’t. Meanwhile, the government found that 10 out of 19 stress-tested banks needed more capital. One U.S. automaker went into Chapter 11 bankruptcy, and another prepared for it.

The month in brief. Was the recession waning? Or lingering? Were green shoots sprouting? Or just some weeds? Economists (and investors) wondered if the spring rally had gone too far relative to the recovery. As they thought it over, stocks had a mixed month. So did the broad commodities market. Another U.S. automaker fell into bankruptcy. The Federal Reserve held interest rates steady and the Obama administration advanced its plans to reform financial industry regulations and America’s healthcare system.