U.S. stocks rallied, sending the Dow Jones Industrial Average above 10,000 for the first time in a year to finish the day at 10,015 thanks to better-than-estimated earnings at JP Morgan Chase & Co. (NYSE:JPM) and Intel Corp. (NASDAQ:INTC), but can Bank of America (NYSE:BAC) keep the rally going?
JPMorgan Chase's (JPM) third-quarter earnings soared as strong investment-banking results outweighed another sizable provision for loan losses. Chief Financial Officer Michael Cavanagh said the bank "is getting close to the end of loan-loss reserves." The nation's biggest banks joined JPMorgan, the first to report with Bank of America (BAC) next on deck to report this Friday.
Bank of America Corporation (Public, NYSE:BAC) is reporting Q3 2009 earnings on Friday (Oct 16th) before the market open and Wall Street is expecting the partially government owned financial giant to report a loss of 7 Cents per share,
It is estimated the U.S. speculative-grade default rate will decline to 13.9 percent by next June after peaking in the first- quarter of 2010. Shares of Bank of America Corporation (Public, NYSE:BAC) tumbled to the $3 range in March, and have recently been just keeping afloat between $17 and $18 since about August of this year. If you ask iStockAnalyst.com, they will tell you their opinion is that BofA will disappoint
Intel (INTC) provided the latest evidence that the recent recovery in the tech sector will continue through the crucial holiday shopping season as the semiconductor giant provided a strong outlook for the rest of the year, even as third-quarter profits slid 7.8%
Sunday, 18 October 2009
The Dow Jones Finishes at 10,015 (BAC, JPM, INTC)
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