US STOCKS-Wall St bounces back from 3-day drop

martes 14 de octubre de 2014 14:09 GYT
 

* JPMorgan falls, Citigroup climbs after results

* Indexes up: Dow 0.5 pct, S&P 0.7 pct, Nasdaq 0.8 pct (Updates to early afternoon trading, changes byline)

By Caroline Valetkevitch

NEW YORK, Oct 14 (Reuters) - U.S. stocks climbed in afternoon trading on Tuesday, with the S&P 500 recovering from a three-day string of losses that was its worst since November 2011.

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.

"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," said Art Hogan, chief market strategist at Wunderlich Securities in New York.

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.

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.

The S&P financial index gained 1 percent. Nine of the 10 major S&P sectors were in positive territory, led by industrials, up 2.1 percent.   Continuación...