Stocks Rally as Strong Earnings Wake up the Bulls

Markets FOXBusiness

FOX Business: Capitalism Lives Here

Continue Reading Below

The Dow looked to post its first back-to-back advance of the year as traders cheered strong bank earnings.

Today's Markets

As of 3:00 p.m. ET, the Dow Jones Industrial Average climbed 129 points, or 0.79%, to 16503, the S&P 500 advanced 11.3 points, or 0.61%, to 1850 and the Nasdaq Composite rose 35.3 points, or 0.84%, to 4218.

It's been a strong earnings season for banks for far. Bank of America (BAC) shares rallied ahead of the opening bell after the No. 2 U.S. bank posted better-than-expected quarterly results. Fellow banking giants J.P. Morgan Chase (JPM) and Wells Fargo (WFC) also revealed fourth-quarter beats this week. 

On the economic front, the Labor Department said wholesale inflation rose by 0.4% in December from the month prior, the biggest increase since June 2013, matching economists’ expectations. Excluding the food and energy components, prices were up 0.3%, the biggest gain since July 2012, and higher than the 0.1% advance Wall Street anticipated.

Continue Reading Below

The New York Federal Reserve’s regional manufacturing gauge shot up to 12.51 in January from 2.22 in December, widely beating estimates of 3.75. Readings above 0 point to expansion, while those below indicate contraction.

Elsewhere in corporate news, Apple (AAPL) CEO Tim Cook reportedly said iPhone sales in China hit a record high in the tech giant's fiscal first quarter. 

In commodities, U.S. crude oil futures climbed 34 cents, or 0.38%, to $92.94 a barrel. Wholesale New York Harbor gasoline dipped 0.49% to $2.61 a gallon. Gold fell $9.80, or 0.8%, to $1,236 a troy ounce. 

What do you think?

Click the button below to comment on this article.