Today's Paper Search Latest stories Listen Traffic Weather Newsletters Most commented Obits Puzzles + Games Archive
story.lead_photo.caption Specialist Peter Mazza, left, and trader Jonathan Corpina, center, work on the floor of the New York Stock Exchange, Friday, April 12, 2019. U.S. stocks moved broadly higher in early trading Friday on Wall Street, putting the market on track for gains at the end of a shaky week. (AP Photo/Richard Drew)

Stocks notched solid gains Friday on Wall Street, erasing most of the losses the market sustained after an uneven week of trading.

The S&P 500 index rose 19.09 points, or 0.7 percent, to 2,907.41. The Dow Jones industrial average climbed 269.25 points, or 1 percent, to 26,412.30. The average still finished slightly lower for the week.

The Nasdaq composite gained 36.80 points, or 0.5 percent, to 7,984.16. The Russell 2000 index of smaller-company stocks picked up 5.66 points, or 0.4 percent, to 1,584.80.

The strong finish gave the S&P 500 its third-straight weekly gain. The benchmark index is now just under 1 percent from its most recent all-time high set on September 20, reflecting the strong rebound for the market this year after a dismal slide in December.

Banks led the gains Friday after a solid quarterly profit report from JPMorgan Chase opened the latest round of highly anticipated company earnings. Banks have been benefiting from higher interest rates, which allow them to book fatter profits from making loans.

Disney surged to an all-time high after it announced plans to offer its own video streaming service. Disney will be going head-to-head with Netflix, which declined.

The market was coming off a wobbly week as investors worried that the early first-quarter earnings reports would come in even weaker than the low expectations analysts already have.

The solid results from major banks Friday were encouraging, but investors need to see more, said Sam Stovall, chief investment strategist at CFRA.

"In general, you need to have the financial companies participate in order for a market advance to continue," Stovall said. "Investors will be waiting, listening for other news that would be beneficial not only to banks, but to industrial and technology stocks."

Bond prices fell. The yield on the benchmark 10-year Treasury rose to 2.56 percent from 2.50 percent late Thursday.

Indexes in Europe and Asia closed broadly higher.

Traders were encouraged Friday by JPMorgan's quarterly report card. The investment banking giant rose 4.7 percent after it reported solid profits for the first quarter.

Wells Fargo initially rose after its results beat analysts' forecasts, but its shares turned lower by midmorning and never recovered. The stock fell 2.6 percent.

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

The trend helped boost shares in other major banks. Goldman Sachs picked up 2.5 percent, Bank of America added 3.8 percent and Citigroup rose 2.3 percent.

In addition to banks, technology, communications and industrial companies helped lift U.S. stocks Friday. Health care was the only sector to lose ground. So far this year, it's lagging the other 10 sectors in the S&P 500.

The market got an early boost from new economic data out of China showing the world's second-largest economy benefited from a surge in exports last month, even as Beijing and Washington continued to negotiate a resolution to their costly trade war.

The gain marks a turnaround from a severe contraction in February and helped put investor fears over a global economic slowdown in check.

Disney surged 11.5 percent after it released plans to offer a streaming entertainment service dubbed Disney Plus. The service is scheduled to roll out on Nov. 12 at $6.99 per month. That's well below the $13 monthly price tag for rival Netflix, whose stock fell 4.5 percent.

Information for this article was contributed by Damian J. Troise of The Associated Press.

Business on 04/13/2019

Print Headline: S&P gains in stocks' late-week rally


Sponsor Content

You must be signed in to post comments