The Dow Jones industrial average jumped 187 points, or 1.1%, to 17,908, managing that on top of a jump of almost 165 points Tuesday on hopes of a crude oil freeze accord.
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Most leading technology shares advanced, with Apple rising 1.4 percent, Amazon, 1.9 percent, Netflix 2.5 percent and Tesla Motors 2.7 percent.
JPMorgan Chase & Co, the biggest USA lender by assets, posted first-quarter profit that beat Wall Street estimates as the firm slashed bankers’ pay, and trading revenue declined less than most analysts predicted.
The Consumer and Community Banking segment recorded an increase in net revenue from $10.7 billion a year ago to $11.1 billion this year. The hit to banks from the commodities rout is expected to be a major focus of this earnings period. Profit fell 6.7 percent, to $5.5 billion, which was better than expected, largely on a 13 percent dip in trading.
He added that while the challenging markets had impacted the industry, the company maintained its leadership position and its market share reflecting its platform strength.
Dimon announced last week in his annual letter to shareholders that JPMorgan Chase was so well-capitalized that it could absorb theoretical losses for all 31 banks that participate in the Fed’s annual stress test. Natural gas rose 3 cents to $2.04 per 1,000 cubic feet. The company’s profit fell as demand for coal got weaker and CSX hauled less freight, but expenses fell, partly because fuel costs dropped.
Overall retail sales fell by a seasonally adjusted 0.3 percent in March, the Commerce Department said Wednesday, following a flat reading in February and a drop in January. Bank of America jumped 4% and Wells Fargo climbed 3%. On a per share basis, the bank earned $1.35, compared with $1.45 a year earlier. Evercore ISI restated a “buy” rating on shares of JPMorgan Chase & Co.in a research note on Wednesday, December 30th. Two years ago the IRS argued that some of Delphi’s businesses were based in the U.S. and should be taxed accordingly. Delphi said Wednesday that the agency agrees that’s not the case. Its stock added 51 cents, or 4.4 per cent, to $12.01.
Better-than-expected trade data out of China also helped give US stocks momentum Wednesday.
“Accordingly, McCormick has withdrawn its proposal to acquire Premier Foods”. McCormick offered to buy the company last month for $764 million, and McCormick stock lost $1.57, or 1.6 per cent, to $97.33.
JPMorgan Chase led the Dow higher, up 3.2 percent.
Greece’s benchmark index ATG fell 0.8 percent, down for a second day, amid further signs that Athens was making little progress on securing the money it needs from creditors to pay upcoming bills. Stocks closed 2.8% higher in Japan, were up 3.2% in Hong Kong and rallied 1.4% in mainland China.
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OIL: Benchmark U.S. crude slipped 21 cents to $41.96 a barrel in NY. (NYSE:JPM) has been the banking industry’s gold standard for almost 10 years, but JPM stock could experience a fall from grace fairly soon.
