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US-STOCKS-MARKETS
Banks, oil shares lead US stocks higher
NEW YORK, April 13, 2019 (BSS/AFP) – Wall Street stocks finished a
middling week on a positive note on Friday, rallying behind solid earnings
from JPMorgan Chase and Chevron’s acquisition of Anadarko.
The Dow Jones Industrial Average ended up 1.0 percent at 26,412.30, about
12 points shy of last Friday’s close.
The broad-based S&P 500 advanced 0.7 percent to 2,907.41, its first close
above 2,900 in more than six months, while the tech-rich Nasdaq Composite
Index climbed 0.5 percent to 7,984.16.
JPMorgan got earnings season off to a strong start, jumping 4.7 percent
following better-than-expected results and offering upbeat commentary on the
US economy.
Most other large banks rallied, but Wells Fargo sank 2.6 percent after
trimming a key profit benchmark connected to 2019 profits.
Dow member Disney rocketed up 11.5 percent after announcing it would
launch its new video streaming service in the United States in November,
spotlighting its blockbuster-making studios as it takes on powerhouse
Netflix.
The gains left the company’s share price at $130.06, an all-time high,
marking its biggest one-day increase in nearly a decade.
Shares of Netflix fell 4.5 percent.
Midsized US oil companies EOG Resources and Devon Energy surged 6.7
percent and 7.4 percent respectively after Chevron announced it would acquire
Anadarko Petroleum for $33 billion, spurring speculation of other big deals
in the industry.
Anadarko soared 32.1 percent, while Chevron fell 4.9 percent.
Health insurers were under pressure amid worries that major reforms of the
US health system are gaining political momentum.
On Wednesday, US Senator Bernie Sanders unveiled an updated “Medicare for
all” plan that would convert public and private insurers into a government-
run system.
UnitedHealth Group dropped 5.2 percent, Anthem fell 8.5 percent and Humana
lost 2.8 percent.
BSS/AFP/HR/0950