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S&P 500 closes at record on bank earnings, data

Started by riky, January 16, 2014, 09:00:26 AM

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riky

S&P 500 closes at record on bank earnings, data

<p><a href="http://news.yahoo.com/stock-futures-bank-america-results-data-tap-131648443--sector.html"><img src="http://l3.yimg.com/bt/api/res/1.2/F55yEKUfe3BEprnxTITobQ--/YXBwaWQ9eW5ld3M7Zmk9ZmlsbDtoPTg2O3E9NzU7dz0xMzA-/http://media.zenfs.com/en_us/News/Reuters/2014-01-15T131648Z_6_CBREA0C0YF300_RTROPTP_2_MARKETS-USA-STOCKS.JPG" width="130" height="86" alt="Traders work on the floor of the New York Stock Exchange" align="left" title="Traders work on the floor of the New York Stock Exchange" border="0" /></a>By Ryan Vlastelica NEW YORK (Reuters) - U.S. stocks rose on Wednesday, with the S&amp;P 500 climbing to an all-time closing high after strong earnings from Bank of America and data signaled that the economy was improving. Bank of America Corp climbed 2.3 percent to $17.15 and gave one of the biggest boosts to the S&amp;P 500 after the second-largest U.S. bank said its quarterly profit surged by nearly $3 billion on an increase in revenue. The report came a day after both JPMorgan Chase &amp; Co and Wells Fargo &amp; Co also posted better-than-expected earnings, though Wells Fargo's mortgage lending slowed to the lowest level in five years. &quot;So far so good with bank earnings this season, and it is very positive that we're seeing significant declines in foreclosures, which is very positive for the economy,&quot; said David Kelly, chief global strategist for JPMorgan Funds in New York.</p><br clear="all"/>

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