US STOCKS-Wall St rises after 3-day slump, Citi earnings boost

martes 14 de octubre de 2014 10:08 GYT
 

* JPMorgan falls, Citigroup climbs after results

* Indexes up: Dow 0.45 pct, S&P 0.53 pct, Nasdaq 0.67 pct (Updates to market open)

By Chuck Mikolajczak

NEW YORK, Oct 14 (Reuters) - U.S. stocks were higher on Tuesday after the S&P 500's worst three-day drop since November 2011 as bullish investors hoped solid earnings would allay global growth concerns.

Citigroup, up 3.2 percent to $51.48, was the biggest boost to the benchmark S&P index after the bank posted better-than-expected quarterly results and said it would pull out of consumer banking in 11 markets.

But JPMorgan Chase shares lost 0.9 percent to $57.61, after the biggest U.S. bank posted third-quarter earnings. Wells Fargo, the fourth largest U.S. bank, lost 1.5 percent to $49.43 after its results.

The S&P financial index gained 0.7 percent.

Johnson & Johnson shares dipped 0.9 percent to $98.29 even after the diversified healthcare company reported better-than-expected quarterly earnings on the back of strong sales for a new hepatitis C drug.

"I'm not sure the earnings have to be unbelievably strong but simply just reflecting some growth would help blunt the momentum of the market moving down," said Rick Meckler, president of LibertyView Capital Management in Jersey City, New Jersey.   Continuación...