Markets Right Now: Solid gains for stocks in early trading

JPMorgan Chase Chief Executive Jamie Dimon offered a mostly upbeat appraisal of the US economy after the bank reported better-than-expected earnings

S&P 500 closes near record high as earnings season begins in earnest

The Nasdaq was up 0.5% to 7,984.5, and the S&P 500 grew 0.8% to 2,910.1.

NEW YORK, April 13 ― USA stocks closed near record highs yesterday after the largest United States bank, JPMorgan Chase & Co, soothed worries that the first-quarter earnings season would dampen Wall Street's big rally back from last year's slump. Banks have been benefiting from higher interest rates, which allow them to book fatter profits from making loans.

Walt Disney Co shares hit a record high after the company priced its streaming service in a bid to challenge the digital dominance of Netflix Inc.

Analysts project earnings growth at S&P 500 companies to decline 2.3 percent in the first quarter as the impact of tax cuts fade and worries about global growth come to the fore. They are the first major banks to release financial results.

"In general, you need to have the financial companies participate in order for a market advance to continue", Stovall said.

Bank of America rose 3.9% and Citigroup climbed 3.2%.

The Dow Jones Industrial Average rose 209 points, or 0.8%, to 26,350. The average is still down slightly for the week. The Nasdaq rose 36 points, or 0.5%, to 7,984. Indexes in Europe and Asia rose broadly. Health care was the only sector to lose ground.

Oil prices rise after OPEC cuts, USA sanctions on Iran, Venezuela
USA sanctions and power outages pushed OPEC member Venezuela's crude output to a long-term low of 870,000 bpd, IEA says. Warns demand fell in developed OECD countries by 0.3 million bpd.

Fears over a global economic slowdown were put in check by a surge in China's exports in March. That marks a turnaround from a severe contraction in February as the USA and China continue negotiating a resolution to their expensive trade war.

The data on Chinese exports suggests that growth is potentially going to rebound, said Tom Martin, senior portfolio manager with Globalt Investments.

Investors continue focusing on company earnings reports due over the next few weeks in hopes of gleaning clues about the trajectory of the US economy. Citigroup, UnitedHealth Group and Johnson & Johnson are among the bigger companies releasing results next week.

The main USA indexes have been in a holding pattern ahead of the first-quarter earnings season, which many analysts say could witness the first quarterly drop in S&P 500 profit since 2016. The expected drop in profits is due nearly entirely to weaker profit margins.

JPMorgan topped street expectations for the first quarter, giving investors a shot of confidence that lasted through the day.

Boeing Co rose 2.6 per cent as the plane maker's stock recovered ground following its recent sell-off.

JPMorgan and Wells Fargo's latest results show that higher interest rates during the quarter drove increases in revenue. Those higher prices allow more to charge for credit cards and credit.

Sebastian Vettel asked about Charles Leclerc team orders: Ferrari driver reacts ANGRILY
Hamilton agreed with Bottas that the start made all the difference in the result. "And after that it was kind of history". After taking the lead, Hamilton edged away from Bottas, building a five-second lead before his first pit stop on lap 22.

The trend helped boost shares in other major banks. The Nasdaq was up 0.3% to 7,971.5, and the S&P 500 was up 0.5% to 2,903.5.

STREAMING MOUSE: Disney surged 9% after it released plans to offer a streaming entertainment service.

Disney, meanwhile, was the shining star of the blue chips after the company announced its steaming service, Disney+, would debut on November 12 for $6.99 a month. That's well below the $13 monthly price tag for rival Netflix, whose stock fell 4.5 percent.

Disney soared 10.3% after unveiling a new video streaming service to go up against Netflix. Chevron was one of the sector's few decliners, dropping 4.9 percent.

The two money center banks each beat Street expectations, and investors reacted swiftly, sending futures higher.

Financials were the largest percentage gainer, rising 1.9 per cent on the back of JPMorgan Chase earnings.

The dollar rose to 112.08 yen from 111.66 yen on Thursday.

Amazon reportedly preparing free, ad-supported music streaming service
So far, the e-commerce giant offers its Prime Music service as part of its Amazon Prime subscription service at $119 per year. The new service is said to feature a more limited catalog compared to the paid Prime and Amazon Music Unlimited services.

April 12 (Reuters) - The S&P 500 crossed the 2,900 mark for the first time since early October on Friday, boosted by a jump in Walt Disney shares and as bank stocks surged after strong results from JPMorgan.

Latest News