Tuesday, April 14, 2020

Dow jumps 550 points

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U.S. equity markets rallied Tuesday as concerns over the coronavirus ease and early-stage plans of re-opening some pockets of the economy take shape. ⁣ ⁣The Nasdaq, which exited a bear market, surged nearly 4 percent stretching its winning streak to four days, the longest since February. The Dow Jones Industrial Average gained 558 points, or 2.4 percent, while the S&P 500 rose 3.05 percent. ⁣ ⁣With financial reports for the first quarter just beginning, Wall Street analysts surveyed by FactSet expected S&P 500 earnings to fall 9 percent from a year ago, the first quarterly decline since the financial crisis. ⁣ ⁣Dow components JPMorgan Chase & Co. and Johnson & Johnson and the San Francisco-based lender Wells Fargo all released results. JPMorgan Chase & Co. posted a 69 percent drop in profit from a year ago and set aside $6.8 billion to cover loan losses from the economic shutdown due to the COVID-19 pandemic. Both earnings and revenue were below expectations.

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MARKET RALLY: U.S. equity markets opened higher Tuesday as some of the country’s biggest banks kicked off earnings season. ⁣ ⁣The Dow Jones Industrial Average gained 421 points, or 1.8 percent, in the opening minutes of trading. The S&P 500 and Nasdaq Composite rose 1.7 percent and 1.8 percent, respectively. The early gains come after the S&P 500 lost 1 percent on Monday, coming off its best week since 1974. ⁣ ⁣With financial reports for the first quarter just beginning, Wall Street analysts surveyed by FactSet expected S&P 500 earnings to fall 9 percent from a year ago, the first quarterly decline since the financial crisis. ⁣ ⁣Dow components JPMorgan Chase & Co. and Johnson & Johnson and the San Francisco-based lender Wells Fargo all released results. ⁣ ⁣JPMorgan Chase & Co. posted a 69 percent drop in profit from a year ago and set aside $6.8 billion to cover loan losses from the economic shutdown due to the COVID-19 pandemic. Both earnings and revenue were below expectations. ⁣ ⁣Wells Fargo set aside $3.1 billion to cover loan losses and reported a quarterly profit of 1 cent a share, missing estimates. Revenue of $17.7 billion also disappointed. ⁣ ⁣Johnson & Johnson reported top- and bottom-line results that topped estimates and hiked its quarterly dividend by 6.3 percent to $1.01 a share.

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