While you were sleeping: UPDATED JPMorgan Chase, China lift Wall St to year's high

Wall Street gained, bolstered by better-than-expected results from JPMorgan Chase while trade data from China fuelled commodities including copper and iron ore amid hopes the juggernaut economy is in better shape than thought.

Chinese exports denominated in US dollars jumped a larger-than-expected 11.5% year-on-year in March, while imports shrank 7.6%.

"The global market reaction is a vote of confidence in the China economy and commodities in general," Bill Nelson, senior economist for St Louis-based Doane Advisory Services, told Bloomberg.

Wall Street moved higher, as did stocks in Europe and Asia. The Dow Jones Industrial Average rose 187.03 points, or 1.1%, to close at 17,908.28, its highest this year and only 2% below its all-time high of 18,312.39 in May 2015.

The Nasdaq Composite Index rose 1.55% to 4947.42 and the Standard & Poor's 500 Index added 1.0% to 2082.42. 

Gains in shares of JPMorgan Chase and those of Goldman Sachs, up 4.2% and 3.6% respectively, led the climb in the Dow.

JPMorgan reported higher-than-expected revenue and profit, bolstering bank stocks amid optimism the industry's latest earnings might not prove as dire as feared.

To be sure, some analysts say JPMorgan's results may prove the sector's exception this season.

"We expect [the] results will be best in class and may be a rare example of a bank stock this quarter where consensus estimates could remain steady post results," Goldman Sachs analyst Richard Ramsden wrote in a client note, Reuters reported.

Bank, mining stocks rise
In Europe, the Stoxx 600 Index finished the day with a 2.5% increase from the previous close, as bank and mining stocks rose.

The UK's FTSE 100 Index climbed 1.7%, Germany's DAX Index rallied 2.7%, while France's CAC 40 Index jumped 3.3%.

Shares of Premier Foods plunged after McCormick, a US spice maker, said that it no longer plans to buy the UK maker of brands including Mr Kipling.

"McCormick has, after careful consideration, concluded that it would not be able to propose a price that would be recommended by the board of Premier Foods while also delivering appropriate returns for McCormick shareholders," McCormick said in a statement.

"Accordingly, McCormick has withdrawn its proposal to acquire Premier Foods."

Shares of Premier Foods closed 26.8% lower in London. Shares of McCormick were 1.8% lower in New York.

"The challenge now for Premier management is to deliver for its shareholders the sort of value McCormick was offering," Investec analyst Nicola Mallard told Reuters.

Oil slid 1% to $US41.76 after Reuters reported that Russian oil minister Alexander Novak told a closed-door briefing that a deal on an oil output freeze scheduled to be signed this month in Doha will be loosely framed with few detailed commitments.

(BusinessDesk)