Wall Street ends week on positive note
Washington - Stocks ended their downward slump on Wall Street Friday as bank JPMorgan Chase predicted record yearly earnings despite steep losses in the quarter.
JPMorgan Chase reported it lost 4.4 billion dollars in the second quarter as a result of bad trading, double the amount it had previously admitted to. Despite the individual trading loss, overall profits for the quarter were a better-than-expected 4.96 billion dollars, 9 per cent down year-on-year.
The blue-chip Dow Jones Industrial Average gained 203.82 points, or 1.62 per cent, to 12,777.09. The broader Standard & Poor's 500 Index rose 22.02 points, or 1.65 per cent, to 1,356.78. The technology-heavy Nasdaq Composite Index increased 42.28 points, or 1.48 per cent, to 2,908.47.
For the week, the Dow ended up 0.04 per cent, the S&P added 0.16 per cent, and the Nasdaq fell 0.98 per cent.
The US currency gained against the euro to 81.64 euro cents from 81.96 euro cents on Thursday. The dollar dipped against the Japanese currency to 79.18 yen from 79.27 yen.//DPA
