Reuters: Most Read Articles: Wall Street rallies on China data, JPMorgan; banks lead

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Wall Street rallies on China data, JPMorgan; banks lead Jul 13th 2012, 14:24 Traders work on the floor of the New York Stock Exchange, July 10, 2012. Credit: Reuters/Brendan McDermid By Chuck Mikolajczak NEW YORK | Fri Jul 13, 2012 10:24am EDT NEW YORK (Reuters) - Stocks rallied on Friday, with each of the major indexes gaining more than 1 percent, as data in China allayed concerns about a further slowing of global growth and as bank shares advanced after the release of JPMorgan's earnings. Shares of JPMorgan Chase & Co (JPM.N) leapt 4.5 percent to $35.59 after it reported $4.4 billion of credit trading losses in its London offices, but still earned an overall profit that was barely dented by the bad trades. Data showed growth in China slowed for a sixth straight quarter to 7.6 percent, better than some in the market feared, but low enough to keep open the possibility that more action may be taken by policymakers. The Dow Jones industrial average .DJI gained 154.55 points, or 1.23 percent, to 12,727.82. The Standard & Poor's 500 Index .SPX climbed 16.77 points, or 1.26 percent, to 1,351.53. The Nasdaq Composite Index .IXIC rose 29.96 points, or 1.05 percent, to 2,896.15. Stocks saw a notable jump at 10:06 a.m. (1406 GMT) as 39,345 e-mini contracts traded, the single busiest minute of the session so far, indicating the presence of a big buyer. "China pretty much came in line with expectations, and that could have been a very big miss which could have been catastrophic for the market. JPMorgan, even with their adjustments, came in above expectations - that could have been a big negative," said Paul Mendelsohn, chief investment strategist at Windham Financial Services in Charlotte, Vermont. "Seeing that everything came in line or better than expectations takes some of the pressure that has been on this market for the past couple of days off." The benchmark S&P index was on pace to snap a streak of six consecutive declines, with Friday's advance trimming the weekly loss to 0.8 percent. JPMorgan, the biggest U.S. bank by assets, said it would restate its previously filed interim financial statement for the first quarter. Shares of another bank, Wells Fargo & Co (WFC.N), rose 1.4 percent to $33.31 after the biggest U.S. mortgage lender reported second-quarter earnings that beat estimates on strong mortgage banking income and improved credit quality. The KBW bank index .BKX climbed 1.6 percent [ID:nL2E8ID2DX] Labor Department data showed U.S. producer prices unexpectedly rose 0.1 percent in June, against analyst estimates for a decline of 0.5 percent. The Thomson Reuters/University of Michigan Surveys of Consumers preliminary reading on the overall index on consumer sentiment fell to 72.0 from 73.2 in June, shy of expectations calling for a gain to 73.4 as Americans took a dim view of their finances and job prospects. IDLnL2E8IBEO8 (Editing by Bernadette Baum and Padraic Cassidy) Link this Share this Digg this Email Reprints

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