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S&P 500 closes at record on bank earnings, data

Published on Jan 16, 2014 6:01 AM
 
A trader works on the floor of the New York Stock Exchange at the closing bell on Nov 18, 2013. United States (US) stocks rose on Wednesday, with the S&P 500 climbing to an all-time closing high after strong earnings from Bank of America and data signaled that the economy was improving. -- FILE PHOTO: AFP

NEW YORK (REUTERS) - United States (US) stocks rose on Wednesday, with the S&P 500 climbing to an all-time closing high after strong earnings from Bank of America and data signaled that the economy was improving.

Bank of America Corp climbed 2.3 per cent to $17.15 and gave one of the biggest boosts to the S&P 500 after the second-largest US bank said its quarterly profit surged by nearly US$3 billion (S$3.8 billion) on an increase in revenue.

The report came a day after both JPMorgan Chase & Co and Wells Fargo & Co also posted better-than-expected earnings, though Wells Fargo's mortgage lending slowed to the lowest level in five years.

"So far so good with bank earnings this season, and it is very positive that we're seeing significant declines in foreclosures, which is very positive for the economy," said Mr David Kelly, chief global strategist for JPMorgan Funds in New York.

 
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