U.S. stocks extended
gains a second day to reach the highest in four months, buoyed by
improving Chinese trade data and better-than-expected results from
JPMorgan Chase & Co., the biggest U.S. lender by assets.
JPMorgan advanced 4.2
percent after reporting first-quarter profit was boosted by pay cuts and
trading revenue that declined less than most analysts predicted. Bank
of America Corp., Wells Fargo & Co. and Citigroup Inc., scheduled to
release results later this week, climbed at least 2.6 percent.
Companies that are popular targets by short sellers rallied today, with a
Goldman Sachs Group Inc. gauge of the 50 most shorted stocks posting
the biggest increase since March 2.
The Standard &
Poor’s 500 Index rose 1 percent to 2,082.42 at 4 p.m. in New York, the
highest since Dec. 4. Volume on U.S. exchanges was 8.1 percent higher
than the 30-day average. All but five stocks in the 30-member Dow Jones
Industrial Average increased, as the measure climbed 1.1 percent to
17,908.28 today. Futures contracts in pre-market trading held onto gains
after releases showed U.S. retail sales and wholesale prices
unexpectedly slumped last month, stoking speculation the Federal Reserve
may slow the pace of further rate increases.
Source: Bloomberg
0 komentar :
Post a Comment