The Dow Jones Industrial Average (INDEX: ^DJI) rose throughout the day to end at its highest level since July. The S&P 500 was also up and crossed the 1,300 mark, which it also hasn't been seen since July.
|
Index |
Change |
Ending Value |
|---|---|---|
| Dow Jones Industrial Average | +96.88 [0.78%] | 12,578.95 |
| S&P 500 (INDEX: ^GSPC) | +14.37 [1.11%] | 1,308.04 |
What caused stocks to climb?
1. We saw above-expectations earnings from Goldman Sachs (NYSE: GS), which eased investor fears over U.S. banks' fourth-quarter earnings. Dow component JPMorgan Chase (NYSE: JPM) reported bad earnings earlier this week, which had investors fearing the worst for Goldman and leaving them jittery as Bank of America (NYSE: BAC) reports tomorrow. With the positive news, both JPMorgan Chase and Bank of America were up today -- 4.7% and 4.94%, respectively.
2. The IMF announced today that it wants to raise billions of dollars, nearly $500 billion, to better counter the European debt crisis.
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