Wall Street cuts week’s losses with rally

by Blog Burger on July 13, 2012

Traders work on the floor of the New York Stock ExchangeNEW YORK (Reuters) – U.S. stocks rose 1 percent on Friday as data in China allayed concerns about a further slowing of global growth and banks advanced after JPMorgan released earnings. Shares of JPMorgan Chase & Co , the largest U.S. bank, leapt 6.1 percent to $ 36.10 after it reported a quarterly profit of nearly $ 5 billion despite bad derivatives bets that resulted in credit trading losses of $ 4.4 billion. The bank's profit defused concerns about the long-term impact of a multibillion-dollar trading losses in the quarter. Data showed growth in China slowed for a sixth straight quarter to 7. …

Business News Headlines – Yahoo! News

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