Wednesday, 12 May 2021 08:00 GMT

Dow Shoots up on Strong Bank Earnings

(MENAFN - Baystreet.ca) U.S. stocks rose on Wednesday as investors digested the first batch of corporate earnings.
The Dow Jones Industrials re-charged 180.33 points to kick off Wednesday at 33,857.60.
The S&P 500 gained 7.36 points to 4,148.95, to reach a new all-time high.
The NASDAQ Composite gathered 26.35 points to 14,022.44.
Shares of Goldman Sachs climbed 3% after the bank blew past analysts' expectations with record first-quarter net profits and revenues on strong performance from the firm's equities trading and investment banking units.
JPMorgan Chase beat analysts' estimates on top and bottom lines, helped by a $5.2-billion benefit from releasing money it had previously set aside for loan losses that didn't develop. Shares of JPMorgan dipped about 1%.
Wells Fargo also reported earnings and revenue that exceeded expectations for its first quarter. The stock was slightly lower.
Bank stocks have risen sharply so far this year, with the KBW Bank Index easily outpacing the S&P 500.
Reopening plays recouped some of the losses from the previous session amid a halt to the rollout of the Johnson & Johnson's COVID-19 vaccine. American Airlines rose 2%, while United Airlines climbed nearly 3%. Carnival, Norwegian Cruise Line and Royal Caribbean all gained at least 1%.
On Tuesday, the Food and Drug Administration called for a pause in administering J&J's COVID-19 vaccine after six people in the U.S. developed a rare disorder involving blood clots.
Pfizer CEO Albert Bourla said the drug maker can deliver 10% more vaccine doses to the U.S. by the end of May than previously expected.
Plus, Moderna said its COVID-19 vaccine was more than 90% effective at protecting against the virus six months after a person's second shot.
Market participants will also be watching for the Coinbase direct listing on Wednesday. Crypto investors are hailing the company's stock market debut as a major milestone for the industry after years of skepticism from Wall Street and regulators. The price of bitcoin surged to a fresh record high of more than $63,500 on Tuesday.
Prices for 10-Year Treasurys lost ground, raising yields to 1.64% from Tuesday's 1.62%. Treasury prices and yields move in opposite directions.
Oil prices acquired $1.40 to $61.58 U.S. a barrel.
Gold dipped $11.00 to $1,736.60 U.S. an ounce.


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