Strong earnings from JP Morgan Chase and Intel pushed stocks on Wall Street market higher, helping the broad S&P 500 Index to cross the 1200 barrier for the first time since late September 2008.Though Alcoa got first-quarter earnings season got off to
Strong earnings from JP Morgan Chase and Intel pushed stocks on Wall Street market higher, helping the broad S&P 500 Index to cross the 1200 barrier for the first time since late September 2008.
Though Alcoa got first-quarter earnings season got off to a lukewarm start on Monday, the last few days' reports have been more favourable, helping to push the Dow and S&P through key levels.
The S&P 500 closed up 0.9% at 1210.65, led by a 2.1% jump in its financial sector. The index came within a point of the 1200 mark at its intraday high in each of the past two sessions, but couldn't quite break through as some traders took the opportunity to sell shares.
The Dow Jones Industrial Average finished 103.69 points, or 0.9%, higher at 11,123.11. JP Morgan jumped 3.5% after it said its first-quarter earnings rose 55%.
Intel climbed 3% after the chip maker said its quarterly profit nearly quadrupled, while rail company CSX also put on 3% after good result.
The Nasdaq Composite Index was up 1.6% to 2504.86.
Market sentiment was boosted by stronger than expected retail sales figure for March. The 1.6% rise was the biggest gain in four months.
Other markets
European and Asian markets also rose further, boosted by the strong result from Intel.
The pan-European Stoxx 600 index finished up 0.7% at 270.44, its highest close since September 25, 2008. The UK's FTSE 100 added 0.6% to 5796.25, France's CAC-40 gained 0.6% at 4057.70 and the German DAX rose 0.8% at 6278.40.
In Asia, Singapore stocks jumped after the city-state's first-quarter economic growth trounced estimates. The Straits Times index was up 1.6% to 3019.74.
Japan's Nikkei Stock Average of 225 companies climbed 0.4% to 11204.90, Australia's S&P/ASX 200 advanced 0.9% to 4994.66, Korea's Kospi rose 1.4% to 1735.33, China's Shanghai Composite Index added 0.2% to 3166.18 and Hong Kong's Hang Seng Index edged up 0.1% to 22,121.43.
Commodities: Oil, gold up
Oil futures rose, responding to the first weekly draw on US oil inventories since January.
Light, sweet crude for May delivery traded 97USc, or 1.2%, higher at $US85.02 a barrel in New York. Brent crude on the ICE futures exchange traded 71USc, or 0.8%, higher at $US85.43 a barrel.
Oil prices had fallen in each of the five previous sessions, largely on fears that oil and gasoline stockpiles were spiraling upward despite increased demand.
Gold futures rose on inflation hedge buying as positive economic data stoked market optimism.
The most-actively traded June gold contract was up $US5.60, or 0.5%, at $US1159 an ounce in New York. Thinly traded nearby April gold was up $US5.80, or 0.5%, at $US1158.60.
Currencies: Dollar down, euro up
The US dollar added to earlier losses after Federal Reserve chairman Ben Bernanke reiterated his forecast for a moderate economic recovery while indicating no intention of changing even the central bank's language on interest rates.
The dollar had been under pressure during the Asian session as much faster-than-expected growth in Singapore prompted a tightening of monetary policy and put the spotlight on strengthening Asian economies.
The euro rose to buy $US1.3659, from $US1.3594 late on Tuesday.
The dollar turned lower versus the Japanese currency to buy ¥93.11, compared with ¥93.17.
The yen has also been pushed around by risk appetite, with both it and the greenback benefiting from safe-haven flows when risk appetite declines.
