US STOCKS-Wall St bounces after 3-day slump on earnings hope

martes 14 de octubre de 2014 11:16 GYT
 

* JPMorgan falls, Citigroup climbs after results

* Indexes up: Dow 0.52 pct, S&P 0.66 pct, Nasdaq 0.05 pct (Updates to market late morning trade)

By Chuck Mikolajczak

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

Citigroup, up 3.2 percent to $51.48, was among the top boosts 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 1.1 percent to $57.54, after the biggest U.S. bank posted third-quarter earnings. Wells Fargo, the fourth largest U.S. bank, lost 1.6 percent to $49.39 after its results.

The S&P financial index gained 0.7 percent.

Johnson & Johnson shares lost 1.3 percent to $97.82 even after the diversified healthcare company reported better-than-expected quarterly earnings on the back of strong sales for a new hepatitis C drug.

"Hopefully earnings will take people's minds off erratic and high volatility," said Frank Davis, director of sales and trading at LEK Securities in New York.   Continuación...