U.S. Stocks Slightly Up

U.S. stocks slightly rose on Wednesday as JPMorgan Chase & Co. joined Citigroup Inc. in saying it was profitable in January and February, bolstering speculation that the worst of the banking crisis may be over.
TradingEconomics.com, Bloomberg 3/11/2009 1:31:44 PM

JPMorgan, the largest U.S. bank by market value, climbed 4.6 percent and Citigroup added 6.2 percent. The S&P 500 Financials Index rallied 2.4 percent to extend its advance this week to 21 percent. Hewlett-Packard Co. jumped 5.8 percent after UBS AG analysts recommended buying the shares.

The Standard & Poor’s 500 Index added 0.2 percent to 721.36, a day after rallying 6.4 percent for its steepest gain of the year. The Dow Jones Industrial Average increased 3.91 points, or 0.1 percent, to 6,930.4, with declines in Exxon Mobil Corp. and Chevron Corp. limiting the advance.

Benchmark indexes drifted between gains and losses for much of the day as a slide in energy and health-care shares snuffed out an early rally. Stocks headed higher in the final 90 minutes after JPMorgan Chief Executive Officer Jamie Dimon told CNBC that the company was profitable in January and February.