Mid-Morning Market Update: Markets Rise; JPMorgan Posts Upbeat Core Earnings
Following the market opening Friday, the Dow traded up 0.32 percent to 15,174.50 while the NASDAQ surged 0.23 percent to 3,769.53. The S&P also rose, gaining 0.20 percent to 1,695.95.
J.P. Morgan posted a quarterly loss of $400 million, or $0.17 per share, versus a year-ago profit of $5.7 billion, or $1.40 per share. Excluding charges, it earned $1.42 per share in the recent period.
Its revenue on a managed basis declined 7.7% to $23.88 billion. However, analysts were estimating earnings of $1.17 per share on revenue of $23.94 billion. J.P. Morgan's commercial banking profit declined 3.6% y/y to $665 million, while mortgage banking profit rose 13% to $705 million.
Shares of SolarCity (NASDAQ: SCTY) got a boost, shooting up 12.03 percent to $42.94 after the company lifted its outlook for 2014.
Equities Trading DOWN
Shares of The Gap (NYSE: GPS) were down 6.36 percent to $36.97 after the company reported a 3% drop in its same-store sales in September.
NPS Pharmaceuticals (NASDAQ: NPSP) was down, falling 9.51 percent to $30.00 after a large block trade made by Takeda to Jefferies.
In commodity news, oil traded down 1.95 percent to $101.00, while gold traded down 1.99 percent to $1,271.10.
Silver traded down 2.79 percent Friday to $21.29, while copper fell 0.29 percent to $3.24.
European shares were mixed today. The Spanish Ibex Index fell 0.17 percent, while Italy's FTSE MIB Index rose 0.04 percent. Meanwhile, the German DAX rose 0.29 percent and the French CAC 40 fell 0.08 percent while U.K. shares gained 0.68 percent.
The Reuters/University of Michigan's consumer sentiment index dropped to a preliminary reading of 75.20 in October, versus a final reading of 77.50 in September. However, economists were projecting a reading of 75.30.
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