Mid-Afternoon Market Update: Markets Green as Spirit Airlines Soars
Toward the end of trading Friday, the Dow traded up 0.48 percent to 15,199.68 while the NASDAQ surged 0.66 percent to 3,785.09. The S&P also rose, gaining 0.43 percent to 1,699.27.
J.P. Morgan Chase (NYSE: JPM) reported a loss in the third quarter. 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 Spirit Airlines (NASDAQ: SAVE) were up as well, gaining 13.83 percent to $38.76 after the company reported higher traffic for the month of September.
Equities Trading DOWN
Shares of The Gap (NYSE: GPS) were down 6.62 percent to $36.87 after the company reported a 3% drop in its same-store sales in September.
NPS Pharmaceuticals (NASDAQ: NPSP) was down, falling 10.78 percent to $29.58 after the company following a negative mention on Mad Money Thursday evening.
In commodity news, oil traded down 1.15 percent to $101.83, while gold traded down 2.09 percent to $1,269.10. Silver traded down 2.06 percent Friday to $21.24, while copper rose 0.72 percent to $3.27.
European shares were mostly higher today. The Spanish Ibex Index fell 0.09 percent, while Italy's FTSE MIB Index rose 0.16 percent. Meanwhile, the German DAX rose 0.32 percent and the French CAC 40 rose 0.04 percent while U.K. shares gained 0.78 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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