|I: DJI||Dow Jones Average||34564.59||+344.23||+ 1.01%|
|SP500||S&P 500||4446.59||+49.14||+ 1.12%|
|I: COMP||Nasdaq Joint Code||13643.587173||+272.02||+ 2.03%|
The Nasdaq Composite was up 2%, the S&P 500 was up 1% and the Dow Jones Industrial Average was up the same level or 344 points.
The rally came as investors shrugged off another hot inflation report. According to the Bureau of Labor, the producer price index rose 1.4% month-on-month. Year-on-year, wholesale prices rose by 11.2% from 10% in February.
Major producer prices rose 1% in March from 0.2% in the previous month, on the back of volatile food and energy costs. Look at the key PPI for the year to be 9.2% in March. On Tuesday, the government announced that the consumer price index, a meticulous measure of retail inflation, had risen to a 40-year high in March.
In earnings news, Delta shares rose after the carrier said it had returned to profit as consumer demand recovered. Revelation is good for other carriers. Separately, pilots in the Southwest warned CEO Robert Jordan about fatigue through their union.
|From||Delta Airlines INC.||41.04||+2.43||+ 6.29%|
|AAL||American Airlines Group INC.||18.95||+1.82||+ 10.62%|
|UAL||United Airlines Holdings Inc.||45.14||+2.41||+ 5.64%|
|LUV||Southwest Airlines Co.||46.05||+3.23||+ 7.54%|
JPMorgan’s quarterly earnings and profits were lower than a year earlier. America’s largest lender reported $ 8.28 billion or $ 2.63 per share in the first quarter, up from $ 14.3 billion or $ 4.50 a share a year earlier. Revenue fell to $ 30.7 billion from $ 32.2 billion a year earlier. The stock weighs on the downtrend Dow.
Thursday Goldman Sachs, Morgan Stanley and Wells Barco will report earnings.
|JPM||JPMorgan Chase & Co.||127.20||-4.30||-3.27%|
|G.S.||Goldman Sachs Group Inc.||322.42||+2.81||+ 0.88%|
|Ms.||Morgan Stanley||84.25||+0.34||+ 0.41%|
|WFC||Wells Fargo & Co.||48.58||+0.17||+ 0.35%|
In contract news, AMC Entertainment has struck a deal To get Seven former Bo Die Cinemas locations with 66 screens, including five in Connecticut, one in Upstate New York and one in Annapolis, Maryland. The new Connecticut Theater locations will double AMC’s overall presence in the state.
|AMC||AMC Entertainment Holdings INC||18.52||+1.10||+ 6.31%|
Elsewhere, Pelotton’s new CEO, Barry McCarthy, received a slam from activist Blackwells Capital. The company says he has done little since John Foley took over in February when he was transferred to a solo role.
|PTON||Pelodon Interactive Inc.||25.03||+1.32||+ 5.57%|
|Use||United States Oil Fund LP||78.42||+2.46||+ 3.24%|
|NOB||United STS BRENT OIL FD LP Unit||31.01||+1.19||+ 3.99%|
Bitcoin traded for about $ 41,000.
The Associated Press contributed to this report.