US stocks close higher on upbeat corporate earnings

Business | Written by : IANS| Updated: Sat, Apr 13, 2019, 12:14 PM

US stocks close higher on upbeat corporate earnings

New York, April 13 (IANS) US stocks ended higher as the market cheered a batch of ebullient corporate news.

The Dow Jones Industrial Average rose 269.25 points, or 1.03 percent, to 26,412.30 on Friday. The S&P 500 was up 19.09 points, or 0.66 percent, to 2,907.41. The Nasdaq Composite Index increased 36.80 points, or 0.46 percent, to 7,984.16, Xinhua reported.

Shares of JP Morgan Chase rose 4.69 percent, after the U.S. banking heavyweight reported stronger-than-expected earnings for the first quarter, driven by higher interest rates.

Shares of Walt Disney rose over 11.54 percent, after the U.S. entertainment giant launched a new streaming service called Disney+, which was priced at 6.99 U.S. dollars per month.

Shares of Anadarko Petroleum surged over 32.01 percent, after U.S. energy giant Chevron announced plans to acquire the Texas-based petroleum magnate in a cash and stock deal valued at 33 billion U.S. dollars.

The acquisition of Anadarko will significantly enhance Chevron's portfolio and further strengthen its leading positions in large, attractive shale, deepwater and natural gas resource basins, said a statement of Chevron.

Ten of the 11 primary S&P 500 sectors traded higher around market close, with the financials sector up over 1.9 percent, leading the winners.

On the economic front, U.S. import prices rose 0.6 percent in March, and 1.7 percent in the first three months of 2019, the Department of Labor said Friday. Both the March and February advances were driven by higher fuel prices.

Prices for U.S. exports rose 0.7 percent for the second consecutive month in March. Both agricultural and non-agricultural prices contributed to the increase.