Arab Today, arab today us stocks break 6day losing streak
Last Updated : GMT 21:53:08
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US stocks break 6-day losing streak

Arab Today, arab today

Arab Today, arab today US stocks break 6-day losing streak

New York - AFP

US stocks broke a six-day losing streak Friday, helped by better-than-feared JPMorgan Chase results that bared a $5.8 billion loss on its bungled London derivatives trading operation. At the close the Dow Jones Industrial Average was up 203.82 points (1.62 percent) to 12,777.09. The S&P 500-stock index added 22.02 (1.65 percent) to 1,356.78, while the tech-rich Nasdaq gained 42.28 (1.48 percent) to 2,908.47. Stocks got a boost from expectations that Beijing will take more action to stimulate its economy after reporting growth had slowed to 7.6 percent in the second quarter, less than expectations. JPMorgan shares rocketed 5.8 percent to $36.02. The bank managed a $5 billion second-quarter profit even after accounting for $4.4 billion in losses during the quarter from its disastrous \"London Whale\" derivatives hedging operation in April, more than double the previous $2 billion estimate. But the figures looked good next to the $9 billion in losses media reports had suggested in recent weeks. \"The losses do seem under control,\" said Jim Sinegal at Morningstar.

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