US Stocks Leap as JPMorgan Gives Banks a Boost

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Source:   —  April 13, 2016, at 8:09 PM

S. stocks are climbing Wednesday afternoon. Banks are making the biggest gains after JPMorgan Chase posted quarterly results that weren't as horrible as analysts anticipated.

U. S. stocks are climbing Wednesday afternoon. Banks are making the biggest gains after JPMorgan Chase posted quarterly results that weren't as horrible as analysts anticipated. Stocks in Europe and Asia jumped after China said exports rose for the first time in nine months.

KEEPING SCORE: The Dow Jones industrial average jumped one hundred thirty-five points, or 0.eight percent, to 17.856 as of 12:19 p. m. Eastern time. The Standard & Poor's five hundred index rose thirteen points, or 0.6 percent, to two.074. The Nasdaq composite index advanced fifty points, or one percent, to four.921.

BANK ON IT: JPMorgan, the largest bank in the U. S., said its first-quarter profit fell because of feeble results in its investment banking business. Its profit and income were bigger than analysts expected, however, and the stock rose $2.57, or 4.three percent, to $61.85.

Several other major banks will report earnings this week. Bank of America picked up fifty-two cents, or 3.9 percent, to $13.79 and Wells Fargo rose $1.13, or 2.4 percent, to $48.90 while Citigroup jumped $2.17, or five.2 percent, to $44.07 Morgan Stanley gained $1.07, or 4.3 percent, to $25.65.

RIDE THE RAILS: Railroad operator CSX gained $1.02, or 4.1 percent, to $26.01. The company'south profit fell as demand for coal got weaker and CSX hauled less freight, but expenses fell, partly because fuel costs dropped.

TITANIC: Agriculture and construction equipment company Titan Machinery said it took a smaller loss than investors expected. Its stock added thirty-five cents, or 3 percent, to $eleven.85.

RETAIL SALES: Consumer goods companies fell after the Commerce Dept said retail sales fell a bit in March. Americans have been cautious about their spending this year even though gas prices are low and jobs are growing. Tobacco company Reynolds American lost $1.63, or 3.2 percent, to $49.63 and Altria fell $1.70, or 2.7 percent, to $62.12.

Tyson Foods gave up $2.13, or 3.1 percent, to $66.24 and Clorox declined $2.20, or 1.7 percent, to $125.97. Spam maker Hormel lost sixty-eight cents, or 1.7 percent, to $forty and Campbell Soup shed ninety-six cents, or 1.5 percent, to $63.02.

HIT THE GAS: The report showed that spending on autos decreased, but auto suppliers traded higher as investors continued to expect sales growth. BorgWarner jumped $1.seventy-four, or 5 percent, to $36.67 and navigation device maker Garmin rose $1.81, or 4.5 percent, to $42.23.

Delphi Automotive rose $3.19, or 4.4 percent, to $75.54. Two years ago the IRS argued that some of Delphi'south businesses were based in the U. S. and should be taxed accordingly. Delphi said Wednesday that the agency agrees that'south not the case.

STRIKE: Verizon Communications slipped after around 39.000 landline and cable workers walked off the work Wednesday morning. Verizon'south contracts with its unions expired about eight months ago and tiny progress has been made in negotiations. The stock declined 74 cents, or 1.4 percent, to $51.21.

MORE COAL DAMAGE: Peabody Energy, the largest coal company in the U. S, filed for chapter 11 bankruptcy protection. Several other coal companies have gone bankrupt recently as environmental, technological and economic changes ripple through the industry. Arch Coal, the second-largest coal miner in the country, filed for bankruptcy protection earlier this year.

MEDIVATION MOVES: Cancer drug maker Medivation jumped $3.83, or 8.2 percent, to $49.56 on reports that French drugmaker Sanofi offered to purchase the company.

NUMBER DEAL: Spice and herb seller McCormick is giving up on an effort to purchase Premier Foods of Britain. McCormick offered to purchase the company latest mo for $764 million, and McCormick stock lost $1.57, or 1.6 percent, to $97.33.

OIL: Benchmark U. S. crude inched up 2 cents to $42.19 a barrel in New York. Brent crude, the international standard, fell 8 cents to $44.61 a barrel in London. The price of oil jumped more than 4 % tuesday to reach its highest levels of 2016.

OVERSEAS: France'south CAC 40 rose 3.3 % and while Germany'south DAX added 2.7 percent. The FTSE one hundred in Britain rose 1.9 percent. Japan'south benchmark Nikkei two hundred twenty-five added 2.8 % and Hong Kong'south Hang Seng gained 3.2 percent. Exports from China rose 11.5 % in March compared with a year earlier, the first annual gain since June.

BONDS, CURRENCIES: Bond prices were small changed and the yield on the 10-year U. S. Treasury note held steady at 1.78 percent. The dollar rose to 109.17 yen from 108.53 yen and the euro fell to $1.1282 from $1.1397.

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AP Markets Writer Marley Jay can be reached at http://twitter. com/MarleyJayAP His work can be found at http://bigstory. ap. org/journalist/marley-jay

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