U.S. Stocks Climb With Banks as Real Estate, Energy Shares Dropby
U.S. stocks advanced as quarterly earnings from JPMorgan Chase & Co., Bank of America Corp. and Wells Fargo & Co. sent their stocks higher and offset losses in energy and real-estate companies.
The S&P 500 index added 0.2 percent 2,274.64 at 4 p.m. in New York. The Dow Jones Industrial Average, which has been hovering below the 20,000 mark since mid-December without crossing it, fell less than 5.27 points to 19,885.73.
The Nasdaq Composite rose 0.5 percent to a new high of 5,574.12 for a second straight week of gains.
- Five of 11 groups higher in as financials pare gains after rallying as much as 1.7%
- Wells Fargo up 1.5% as JPMorgan and Bank of America add at least 0.3% after reporting earnings; Citigroup adds 0.7%
- VIX down 2.7% and posts second weekly decline
- Fourth-quarter earnings per share for the S&P 500 as a whole are expected to rise 3.7%, and by 3.8% for banking group, according to estimates compiled by Bloomberg
- Investors have been putting money back into bonds in the latest week, with fixed-income funds globally seeing investment inflows of $7.8 billion in the week to Jan. 11, the largest weekly inflow in three months, Bank of America-Merrill Lynch strategists wrote in note, citing EPFR Global data
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