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US: Stocks rally with oil, tech leading

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[NEW YORK] US stocks rallied Thursday, recovering from a rout the prior session, following strong earnings from JPMorgan Chase and a rebound in oil prices.

The Dow Jones Industrial Average climbed 227.64 points (1.41 per cent) to 16,379.05.

The broad-based S&P 500 rose 31.56 (1.67 per cent) to 1,921.84, while the tech-rich Nasdaq Composite Index jumped 88.94 (1.97 per cent) to 4,615.00.

The gains came after JPMorgan Chase kicked off the earnings season for large banks with a 10.2 per cent rise in fourth-quarter profits to US$5.4 billion, topping expectations.

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The bank reported gains in key consumer lending areas like credit card and auto loans and chief executive Jamie Dimon assessed the overall economy as "pretty good." Analysts also cited a rebound in oil prices as another positive catalyst for stocks. Dow members ExxonMobil and Chevron led the blue-chip index, rising a respective 4.6 per cent and 5.1 per cent.

Technology stocks were also strong. Heavyweight Apple rose 2.2 per cent, Microsoft 2.9 per cent and Facebook 3.1 per cent.

AFP