Stocks surge on bank profits
By The Week Staff | July 13, 2012
The Dow Jones crossed over the 12,000 mark just hours after Obama called for lower corporate tax rates and other pro-business, deficit-cutting measures.
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tock markets surged on Friday after JPMorgan Chase reported that it had earned solid profits despite a trading loss during the second quarter of nearly $6 billion. The Dow Jones Industrial Average rose 204 points, or 1.6 percent, while the larger S&P 500 index climbed 22 points, or 1.7 percent. The rally broke a six-day losing streak for U.S. markets, which were also lifted by hopes that the Chinese government would enact new stimulus measures to counteract slowing growth.
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