NEW YORK – JPMorgan Chase & Co. and other banks drove stock indexes higher Friday. The Dow Jones industrial average rose to its highest level in two and a half years.
JPMorgan rose 1 percent after reporting that its income soared 47 percent in the fourth quarter. The bank set aside less money to cover bad loans and said it expected to get permission from the Federal Reserve to raise its dividend.
Wells Fargo & Co., Bank of America Corp. and other large banks also rose on hopes that they too would be able to raise dividends. Banks slashed their dividends during the financial crisis to conserve cash. Investors have been urging banks to raise their dividends now that many of them are making money again.
The Dow Jones industrial average gained 55.48 points, or 0.5 percent, to 11,787.38. It was the highest close for the Dow since June 25, 2008.
The Standard & Poor's 500 index rose 9.48, or 0.7 percent, to 1,293.24. The Nasdaq rose 20.01, or 0.7 percent, to 2,755.30.
Gains were spread across the market. Consumer staples companies were the only one of the 10 company groups that make up the S&P 500 index to fall. Financial companies gained the most, 1.7 percent.
The Labor Department reported that consumer prices rose 0.5 percent last month, the largest increase since June 2009. However, 80 percent of the increase was due to higher gas prices, meaning that the risk of widespread inflation remains low.
"Prices of oil, corn and wheat are all way up," said Tom di Galoma, head of fixed-income trading at Guggenheim Partners in New York. "But at the end of the day, if the unemployment rate is at 9.4 percent, there's not enough demand to drive inflation higher. People just aren't spending that much."
Without food and energy costs, consumer prices increased only 0.1 percent for the second straight month. This "core" inflation rate has gained just 0.8 percent in the past year.
In a separate report, the Commerce Department said retail sales rose in December for the sixth month in a row, driven by gains in automobile and furniture sales.
Treasury prices fell slightly. The yield on the benchmark 10-year Treasury note rose to 3.32 percent from 3.30 percent late Thursday. The yield is used by lenders to set interest rates on mortgages and other loans.
The Dow gained 1 percent for the week, its seventh week of gains. The last time it had a rising streak that long was in the seven weeks ended April 23, 2010.
The S&P index rose 1.7 percent over the week. The Nasdaq jumped 1.9 percent.
Two stocks rose for every one that fell on the New York Stock Exchange. Consolidated volume came to 4.7 billion shares.
Keywords clouds text link
Dịch vụ seo, Dịch vụ seo nhanh , Thiết kế website , máy sấy thịt bò mỹ thành lập doanh nghiệp
Visunhome, gương trang trí nội thất cửa kính cường lực Vinhomes Grand Park lắp camera Song Phát thiết kế nhà thegioinhaxuong.net/
|aviatorsgame.com ban nhạc||confirmationbiased.com|
|mariankihogo.com ốp lưng||Giường ngủ triệu gia|
mặt nạ mặt nạ ngủ Mặt nạ môi mặt nạ bùn mặt nạ kem mặt nạ bột mặt nạ tẩy tế bào chết mặt nạ đất sét mặt nạ giấy mặt nạ dưỡng mặt nạ đắp mặt mặt nạ trị mụn
mặt nạ tế bào gốc mặt nạ trị nám tem chống giả
© 2020 US News. All Rights Reserved.