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Wall Street was higher on Wednesday as bank earnings kicked off on an upbeat note, with JPMorgan topping profit estimates, and China’s strong trade data raised hopes that the world’s second largest economy was on the road to recovery. The Dow Jones industrial average was up 0.54 percent at 17,816.65, the S&P 500 was up 0.47 percent at 2,071.43 and the Nasdaq Composite was up 0.95 percent at 4,918.252.
** JPMORGAN CHASE & CO, $61.01, +2.92 pct
** BANK OF AMERICA CORP, $13.63, +2.71 pct
** GOLDMAN SACHS GROUP INC, $158.12, +2.47 pct
** WELLS FARGO & CO, $48.41, +1.34 pct
** MORGAN STANLEY, $25.43, +3.46 pct
** CITIGROUP INC, $43.55, +3.94 pct
JPMorgan, the biggest U.S. bank by assets, reported first-quarter revenue and profit that topped analysts’ estimates. Its results boosted shares of other banks.
** HARMONY GOLD MINING COMPANY LTD, $3.91, -3.46 pct
** KINROSS GOLD CORP, $4.44, -0.45 pct
** NEWMONT MINING COPR, $29.96, -2.19 pct
** YAMANA GOLD INC, $4.01, -2.67 pct
The price of gold fell from the previous day’s three-week peak on Wednesday as the dollar surged to a two-week high against the euro, and European share prices jumped after upbeat Chinese trade data allayed concerns over its economy.
** HARLEY-DAVIDSON INC, $46.46, +3.43 pct
UBS said it expected the motorcycle maker’s March retail sales to beat analysts’ estimates.
** MEDIVATION INC, $48.43, +5.90 pct
The drug developer rebuffed a takeover approach from Sanofi SA, Bloomberg reported, citing sources.
** ARROWHEAD PHARMACEUTICALS INC, $5.73, +8.94 pct
The drug developer has said it will present promising data on its hepatitis B drug, ARC-520, at the International Liver Congress.
** MAGNEGAS CORP, $1.08, +5.37 pct
Rodman & Renshaw started coverage of the alternative fuel maker’s stock with a “buy” rating and a $3 price target.
** FACEBOOK INC, $112.23, +1.46 pct
The tech giant said it has opened up its Messenger app to developers to create “chatbots,” hoping that by simulating one-on-one conversations between users and companies it will expand its reach in customer service and enterprise transactions.
** VERIZON COMMUNICATIONS INC, $51.5, -0.87 pct
The No.1 U.S. wireless carrier said its wireline employees launched a strike after unions and management failed to reach an agreement on a new labor contract.
** VALEANT PHARMACEUTICALS INTERNATIONAL INC, $31.72, -0.84 pct
The Canadian drugmaker said it received a notice of default from its bondholders as a result of a delay in filing its annual report.
** OCULUS INNOVATIVE SCIENCES INC, $0.98, +5.38 pct
European regulators cleared the company’s drug, Sinudox, which treats moistening of cuts, abrasions and lacerations in the nasal cavity.
** MCCORMICK FOODS, $97.52, -1.40 pct
The U.S. spice maker abandoned its pursuit of British food company Premier Foods, refusing to further improve its 1.5 billion pounds ($2.1 billion) takeover proposal in negotiations with Premier. (Reporting by Vishaka George in Bengaluru; Editing by Anil D‘Silva)