Stocks rise on upbeat reports, S&P crosses 1,200 mark
Upbeat forecasts yesterday from JPMorgan Chase & Co. and Intel Corp. propelled the stock market higher for a fifth day. The good news came from all directions: Corporate earnings numbers and government reports on retail sales and regional economic conditions indicated that the recovery is taking hold. One of the biggest forces behind the market's climb came from JPMorgan Chase, which reported a better-than-expected profit for the January-March quarter. The Dow Jones industrial average rose 103.69 points, or 0.9 percent, to 11,123.11. The Standard & Poor's 500 index rose 13.35 points, or 1.1 percent, to 1,210.65, topping the 1,200 mark for the first time in 18 months. The Nasdaq composite index rose 38.87 points, or 1.6 percent, to 2,504.86.
Bank of America picks ex-Northrop exec as CFO
Bank of America said yesterday that it has named an outsider, former Northrop Grumman executive Charles H. Noski, as its chief financial officer. Noski, 57, succeeds Joe Price, who now heads Bank of America's consumer and small business banking division. Noski will handle all of the company's finance responsibilities as well as oversee its corporate treasury and global corporate strategy planning and development.
Service Employees union chief leaving term 2 years early
Labor leader Andy Stern is confirming that he will resign as president of the powerful Service Employees International Union. His resignation comes two years before his term ends. Stern, 59, who led the 2.2-million member union for 14 years, has not specified why he's leaving. From wire reports