U.S. stocks rose, snapping the longest losing streak since May for the Standard & Poor’s 500 Index, amid speculation China will boost stimulus measures and as JPMorgan Chase & Co. (JPM) rallied after reporting its results.
JPMorgan surged 4.4 percent to lead gains in the Dow Jones Industrial Average after Chief Executive Jamie Dimon said the bank will still likely have record earnings this year even after reporting a $4.4 billion trading loss from its chief investment office in the second quarter. Wells Fargo & Co. (WFC) climbed 2.7 percent after reporting a 17 percent rise in profit. Phillips 66 rallied 3.1 percent after Warren Buffett said Berkshire Hathaway Inc. has invested in the refiner.
The S&P 500 gained 1.2 percent to 1,350.07 at 11:13 a.m. New York time, trimming it weekly loss to 0.3 percent. The index fell for six consecutive days, losing 2.9 percent amid concern over corporate earnings. The Dow added 147.17 points, or 1.2 percent, to 12,720.44. Trading in S&P 500 companies was down 12 percent from the 30-day average at this time of day.
“Six straight days down, the market is looking for something better,” Tom Wirth, who helps manage $1.6 billion as senior investment officer for Chemung Canal Trust Co., based in Elmira, New York, said in a telephone interview. “You started with China and JPMorgan added to it. The confidence is that the trading loss is 95 percent of the way behind us. The company is on the upswing.”
Equities retreated yesterday as concern about a slowdown in the global economic recovery and American corporate earnings overshadowed a rally in Procter & Gamble Co. and homebuilders. Four out of the six S&P 500 companies that reported results this week beat analysts’ earnings estimates while one missed, data compiled by Bloomberg show. Overall, profits probably decreased 1.8 percent in the second quarter, the first drop in almost three years, according to a Bloomberg survey of analysts.
By Lu Wang and Nikolaj Gammeltoft
Read More: Bloomberg
Interactive Chart
Choose from over 7000 stocks and watch the chart real-time. Requires Microsoft Silverlight.
|
|
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment