S&P 500 Erases Weekly Loss on JPMorgan Rally, China
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U.S. stocks rallied, erasing a weekly loss for the Standard & Poor’s 500 Index, as JPMorgan Chase & Co. jumped after reporting earnings and speculation grew that China will boost stimulus measures.
JPMorgan surged 6 percent to lead gains in the Dow Jones Industrial Average after Chief Executive Officer Jamie Dimon said the bank will still likely have record earnings this year even after reporting a $4.4 billion trading loss from its chief investment office in the second quarter. Wells Fargo & Co. climbed 3.2 percent after reporting a 17 percent rise in profit. Phillips 66 climbed 5.9 percent after Warren Buffett said his Berkshire Hathaway Inc. has invested in the refiner.