JPMorgan, Procter & Gamble: Dow Midday Movers
NEW YORK (TheStreet) -- U.S. stocks finished sharply higher Friday, getting a lift from a better-than-anticipated earnings report from JPMorgan Chase(JPM) .
A mild read on domestic inflation and in-line gross domestic product data from China also fueled the buying, which saw all three major U.S. equity averages gain more than 1% in the first positive session of the week.
The Dow Jones Industrial Average closed up 204 points, or 1.62%, at 12,777, snapping a six-session losing streak. The rally helped the blue-chip index finish the week with an incremental gain of 0.04%. Year-to-date, the Dow is up 4.4%.
Shares of JPMorgan rose 6% to $36.07. The bank reported earnings of $5 billion, or $1.21 a share, which topped analysts' estimates of 72 cents a share despite a $4.4 billion trading loss from the company's Chief Investment Office on a disastrous credit derivatives hedge.
Bank of America shares gained 4.6% to $7.82. The stock has increased 40.65% year to date.
Shares of Caterpillar rose 3.1% to $82.07. The stock has lost 9.42% year to date.
Procter & Gamble(PG) also had a strong day, rising 2% to close at $65.09. Bloomberg reported that P&G is thinking about possibly replacing its current CEO Robert McDonald. The move follows a 3%-plus jump in the stock on Thursday following reports that hedge fund investor Bill Ackman is building a stake in the consumer products giant.
The only decliner in the index was Hewlett-Packard(HPQ) . Shares fell 1.91% to close at $18.98. The stock has lost 26.32% year to date.
--Written by Alexandra Zendrian in New York.
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