US STOCKS-Wall St rebound after 3-day drop on earnings optimism

martes 14 de octubre de 2014 12:32 GYT
 

* JPMorgan falls, Citigroup climbs after results

* Indexes up: Dow 0.84 pct, S&P 1.26 pct, Nasdaq 1.53 pct (Updates to midday trading)

By Chuck Mikolajczak

NEW YORK, Oct 14 (Reuters) - U.S. stocks rose sharply on Tuesday, rebounding from the S&P 500's worst three-day drop since November 2011, as bullish investors pinned hopes on a solid earnings season to ease global growth concerns.

The benchmark S&P has fallen in five of the prior six sessions as investors became concerned about the impact of global economic weakness on U.S. earnings and the potential spread of Ebola.

"In an environment that is oversold to begin with, it doesn't take much to effectuate a shift in market," said Art Hogan, chief market strategist at Wunderlich Securities in New York.

"It's hard to know how long that holds, but at some point in time the market shifts its focus from the global macro to the micro and that is where we are today - we are looking at this on a company-by-company basis."

Citigroup, up 2.7 percent to $51.26, 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 0.7 percent to $57.78, after the biggest U.S. bank reported a lower-than-expected third-quarter profit. Wells Fargo, the fourth largest U.S. bank, lost 1.1 percent to $49.65 after its results.   Continuación...