Thursday, May 14, 2009

Wall Street Ends Higher, JP Morgan Rallies

. Thursday, May 14, 2009

By stockOzone team

US stocks finished higher on Thursday as investors snapped up financial and technology stocks amid hopes of economic recovery. The Dow Jones Industrial Average rose 46.43 points or 0.56% to finish at 8,331.32. The S&P 500 increased 9.15 points or 1.04% to end at 893.07. The Nasdaq Composite gained 25.02 points or 1.50% to 1,689.21.

Shares of financials rallied. J.P Morgan (NYSE: JPM) jumped $1.49 or 4.38% to $35.54.Citigroup (NYSE: C) climbed 14 cents or 4.11% to $3.55. Bank of America (NYSE: BAC) rose 30 cents or 2.72% to $11.31. American Express (NYSE: AXP) gained 63 cents or 2.62% to $24.72. Shares of Wells Fargo & Co.(NYSE: WFC) soared $1.49 or 6.16% to $25.69.

Shares of Coca Cola (NYSE: KO) surged $1.27 or 2.91% to $44.90.

Technology shares finished higher. Intel Corp. (NASDAQ: INTC) leaped 41 cents or 2.71% to $15.54.Hewlett Packard (NYSE: HP) advanced 72 cents or 2.10% to $34.93.Shares of Apple (NASDAQ: AAPL) rallied $3.46 or 2.90% to $122.95.

Early on Thursday, Wal-Mart (NYSE: WMT) reported that first quarter net income totaled $3.02 billion, or 77 cents a share, compared $3.02 billion, or 76 cents a share, in the prior year quarter. Revenue declined 0.6% to $93.47 billion, from $94.04 billion. Shares of Wal-Mart (NYSE: WMT) fell 59 cents or 1.17% to $50.03.Shares of the Wal-Mart closed at $49.10, down 93 cents or 1.86%.

Shares of Kohl's Corp. (NYSE: KSS) fell 71 cents or 1.76% to $41.24 after it announced that first quarter net income fell to $137 million, or 45 cents a share, compared with $153 million, or 49 cents a share, a year ago. Revenue rose 0.4% to $3.64 billion from $3.62 billion.

Late on Wednesday, Whole Foods Market (NASDAQ: WFMI)said that fiscal second quarter net income fell 32% to $27.3 million, or 19 cents a share, from $40.0 million, or 29 cents per share, a year earlier. Revenue remained flat at $1.9 billion. Whole Foods rose 55 cents or 2.75% to $20.55.

On the front of economic data, a release by Department of Labor on Thursday showed number of Americans filing first- time claims for unemployment benefits increased by 32,000 to 637,000 in the week ending May 9. Economists had projected jobless claims to rise to 610,000. The four-week average of seasonally adjusted initial jobless claims, a less volatile gauge, decreased by 6,000 to 630,500. Continuing claims for the week ending May 2 jumped to a record 6.56 million.

According to U.S. Department of Labor, U.S. producer prices rose 0.3% in April while core producer prices climbed 0.1% in the month. Economists expected a rise of 0.2% in PPI, and a 0.1% increase in the core PPI.

European stocks settled with gains. The UK FTSE rose 31.21 points or 0.72% to 4,362.58. The German DAX and French CAC climbed 0.23% and 0.11% respectively.

Asian stocks finished weak. The Nikkei 225 fell 246.76 points or 2.64% to 9,093.73. The Hang Seng index of Hong Kong dropped points or 0.55% to 17,059.62.

NYMEX crude oil for May delivery climbed 60 cents or 1% to settle at $58.62 a barrel.

Disclosure: Author does not own any of the stocks discussed here.





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