NEW YORK - U.S. stocks closed near record highs on Friday after the largest U.S. bank, JPMorgan Chase & Co, soothed worries that the first-quarter earnings season would dampen Wall Street’s big rally back from last year’s slump.
JPMorgan, effectively jump-starting the quarterly earnings reporting season that will dominate investor sentiment in coming weeks, blew past analyst estimates, easing fears that slowing economic growth could weigh on its results. Its stock rose 4.7% and led a broad rally in bank stocks. However, of the 29 companies in the S&P 500 that have reported thus far, 79.3% have come in above analyst expectations.
Healthcare stocks extended their slide, with UnitedHealth Group down 5.2%, Anthem Inc dropping 8.5% and Humana Inc off 2.8%. The S&P 500 Healthcare index slipped 1.0%. Advancing issues outnumbered declining ones on the NYSE by a 1.86-to-1 ratio; on Nasdaq, a 1.31-to-1 ratio favored advancers.
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