Banks help elevate major stock indexes
JPMorgan Chase & Co. and other banks drove stock indexes higher Friday.
JPMorgan rose 1 percent after reporting its income soared 47 percent in the fourth quarter. The Manhattan-based bank posted a record $4.83 billion profit. Fourth-quarter net income was $1.12 a share, compared with $3.28 billion, or 74 cents, in the year-ago period. The bank also declared a quarterly preferred stock dividend, payable March 1 to stockholders.
Wells Fargo & Co., Bank of America Corp. and other large banks also rose on hopes that they too would be able to raise dividends, which they slashed during the financial crisis to conserve cash.
The Dow Jones industrial average gained 55.48 points, or 0.5 percent, to 11,787.38. The Standard & Poor's 500 index rose 9.48, or 0.7 percent, to 1,293.24. The Nasdaq rose 20.01, or 0.7 percent, to 2,755.30.
Meanwhile, the Labor Department reported that consumer prices rose 0.5 percent last month, the largest increase since June 2009. The Federal Reserve said Friday that activity at the nation's factories, mines and utilities increased 0.8 percent last month. Factory production, the biggest slice of industrial output, rose 0.4 percent, the sixth-straight monthly increase.- AP
Sarra Sounds Off Ep. 35: EI baseball, girls lacrosse and plays of the week On the latest episode of "Sarra Sounds Off," we look at East Islip baseball's inspirational comeback story, Jared Valluzzi has the plays of the week and Tess Ferguson breaks down the top defensive players in girls lacrosse.
Sarra Sounds Off Ep. 35: EI baseball, girls lacrosse and plays of the week On the latest episode of "Sarra Sounds Off," we look at East Islip baseball's inspirational comeback story, Jared Valluzzi has the plays of the week and Tess Ferguson breaks down the top defensive players in girls lacrosse.
