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Wall Street rallies, S&P and Dow up for week

Traders work on the floor of the New York Stock Exchange, July 10, 2012. REUTERS/Brendan McDermid

Traders work on the floor of the New York Stock Exchange, July 10, 2012.

Credit: Reuters/Brendan McDermid

NEW YORK | Fri Jul 13, 2012 4:14pm EDT

NEW YORK (Reuters) - Stocks surged on Friday, lifted by economic figures that eased concerns about growth in China and earnings at JPMorgan that eased fears about the impact of failed trades that cost the bank billions.

The Dow Jones industrial average .DJI rose 203.82 points, or 1.62 percent, to 12,777.09. The S&P 500 Index .SPX gained 22.01 points, or 1.65 percent, to 1,356.77. The Nasdaq Composite .IXIC added 42.28 points, or 1.48 percent, to 2,908.47.

For the week, the Dow edged up 0.04 percent, the S&P rose 0.15 percent and the Nasdaq lost 0.98 percent.

(Reporting by Ryan Vlastelica; Editing by Kenneth Barry)
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Comments (3)
moetheshmo wrote:
Choosing the most talented youngsters out of a population of 1.4 billion, gives China a tremendous advantage. They are not bogged down with nepotism or affirmative action programs. It is hard to beat a nation with 10 million high-tech geniuses.

Jul 13, 2012 9:19am EDT  --  Report as abuse
JBltn wrote:
Wall street closes up on news that JP Morgan ‘fixed’ the problem of of their traders lying, and fraudulently concealment the extent of their trading losses; WHAT? The stock market gains on news of China’s economic problems and stagnant economic growth, US economy is faltering and the European economic future is growing even more dismal and THE STOCK MARKET IS OPTIMISTIC over these news. I’m so glad that I got out of the equities market when news like this create a surge of optimism’; the crooks and crazies are in charge of the institution. The right wing wackos are in charge of the do-nothing Congress, Grover Norquist an anti-tax lobbyist with ties to Islamic supremacists Groups was accused by a GOP representative before Congress of working with groups linked to NIAC, the shills for the Islamic Republic of Iran who have Islamic supremacist Reza Aslan on their Board and who have defrauded the federal government, lied to Congressmen, paid for Congressional testimony, and arranged secret US/Iran meetings is in charge of GOP candidates financial positions, activist GOP SCOTUS justices are in charge of secretive funding for GOP election donations, hell it’s no wonder that our problems don’t get solved It’s time and past time for the average American majority to retake the reins of government from the corrupt, venal and self serving politicians, corporations and religious zealots vocal minority and reestablish a working government for the people, by the people and of the people.

Jul 13, 2012 6:11pm EDT  --  Report as abuse
divinargant wrote:
It’s all about the stimulus hopium. This time around, China is in the limelight in the hopes that they further ease. It’s gone beyond crazy now. If no announcement is made Sunday by the commie authorities supporting further accommodation, I can see traders retaliating at the next open and once again serious profit removal will be happening. This rally has no legs on its own as I see it. It is complete and utter madness and as someone pointed out the crooks and crazies are in charge of the institution. It’s not about creating capital for investment anymore. It’s nothing but a casino and the algos are the main players.

Jul 13, 2012 7:22pm EDT  --  Report as abuse
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