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Financials lead Wall Street rally

Wednesday, April 13, 2016 - 01:07

Stocks moved higher for the second day in a row, led by gains in beaten-down financial shares after JPMorgan's better-than-expected results. Bobbi Rebell reports.

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Financial stocks lifted Wall Street higher after JPMorgan Chase kicked off the banks' earnings season. Profit and revenue fell at the U.S.' largest bank. But those results beat expectations, and that lifted other financial stocks as well. Michael Bapis of Bapis Group at HighTower likes financial stocks. SOUNDBITE: MICHAEL BAPIS, PARTNER, BAPIS GROUP AT HIGHTOWER, (ENGLISH) SAYING: "I like the dividend play depending on which bank it is. You can see some of the regionals continue to perform well. And people are looking for yield right now." Bank stocks also rallied in Europe, pushing the major indices higher. Mining stocks also joining the rally there. Investors brushed aside weak economic news. Retail sales and producer prices unexpectedly dropped in March. That suggests the Federal Reserve will likely hold off on raising rates until later this year. About 40,000 Verizon workers walked off the job after contract talks hit an impasse. The strike could affect Verizon's internet, phone and TV services. Shares fell. Harley-Davidson shares zoomed higher after UBS said it sees the motorcycle maker's retail sales in March beating Wall Street's estimates.

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Financials lead Wall Street rally

Wednesday, April 13, 2016 - 01:07