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Apr 14 2016

Wall St flat, investors await more earnings

Market Recap 4/13/16:
 
U.S. stocks rallied on Wednesday, with major indexes gaining more than 1 percent and the S&P 500 ending at a four-month high. The gains followed better-than-expected results from JPMorgan & Co (JPM). The bank was the first Dow component to report this season, as well as the first major financial, a sector that many have worried would struggle this season. Investors have been concerned that the sector’s loan growth has been negatively impacted by slowing growth in China, as well as a weak commodities market. JPMorgan’s results sparked a massive rally in the sector, and helped to offset a weak read on March retail sales. 
 
Looking ahead:
 
U.S. stock index futures were flat on Thursday, as investors awaited further earnings for confirmation of the market’s valuation. While JPMorgan topped expectations on Wednesday, Bank of America (BAC) and Citigroup (C) are scheduled to report this week, and the results could indicate whether JPMorgan’s results were uniquely strong, or if the overall banking industry performed better than anticipated in the quarter. With major indexes near record levels and the market coming off two strong days of gains, earnings will need to top expectations in order to validate current levels. Don’t miss this week’s Money Matters With Gary Goldberg, where the guest will be Ari Benmosche, author of the book Good For the Money, about how his father led AIG back to profitability and repay its TARP bailout money with interest. For stations and air times, please click here. Visit our website at www.ggfs.com for more details, including for a free, no-obligation portfolio evaluation.