Published June 13, 2012
Stocks gained on Tuesday everything they lost on Monday, and then some.
The Dow surged 163 points to close near session highs on optimism for a unified effort to address the eurozone’s debt troubles and hopes that the Fed would use its stimulus tools to boost the U.S. economy.
While Monday’s worst performing sectors – financials and materials – were the biggest winners in Tuesday’s rally, the advance was broad-based. All 10 S&P sectors rose, with seven of them jumping more than 1%.
Oil prices rose for the first time in four sessions, closing above $83 a barrel.
Gains seem to be tougher to come by this Wednesday morning, with futures set to open modestly lower.
Verizon Wireless wants its customers to connect more of their devices to its network. The carrier has a new plan -- called "Share Everything" -- that will take effect June 28th. For between $50 and $100 a month, customers can get unlimited calling and texting, plus a certain amount of data. Up to 10 devices can be hooked up to the monthly plans at additional fees, of course. A smartphone would cost an extra $40 and a tablet would cost $10.
JPMorgan Chase (JPM) CEO Jamie Dimon testifies before the Senate Banking Committee later this morning regarding the bank's $2 billion-plus trading losses. He will be asked to explain how his bank lost the money and whether its executives failed to manage the risks they were taking.
The Wall Street Journal has reported that senior executives at JPMorgan were told about the risky trading two years before the losses came to light. While Dimon has often cited his own sterling reputation as a "plus" in building the JPMorgan brand, today he will be taken down a few notches by both Republicans and Democrats for what has been perceived as possible mismanagement.