Back in Business. Stocks rose across the board on Friday, with all three major market indexes notching gains. After a dry spell, first-quarter earnings season finally arrived, with bank earnings that boosted investors’ moods, and plenty more big names on deck for next week. Finally, a distraction from the dearth of news about U.S.-China negotiations. In today’s After the Bell, we…
…cheer first-quarter results;
…examine other data; and
…see Anadarko soar.
Ending on a High Note
The Dow Jones Industrial Average climbed 269.25 points, or 1.03%, to 26412.30, while the S&P 500 added 19.09 points, or 0.66%, to 2907.41, and the Nasdaq Composite gained 36.80 points, or 0.46%, to 7984.16. Each of the indexes ended up for the week, with the Dow eking out a 0.1% gain, the S&P up 0.5%, and the Nasdaq leading the pack with a 0.6% rise.
Investors were cheered that JPMorgan Chase (JPM) kicked off first-quarter reporting season with some good news, even if not all its fellow banks could say the same. Look for Bank of America (BAC), Citigroup (C), and Goldman Sachs (GS) to report next week. While shareholders had reason to cheer, the results could bode well for other banks, too: Sandler O’Neill’s Jeffery Harte notes that there are positive read-throughs for peers in JPMorgan’s better-than-expected fixed income currency and commodity (FICC) and debt underwriting revenue.
Not all sectors will necessarily see similar results, LPL Research’s John Lynch writes. He notes that while health care, utilities, and real estate are expected to see