March 11 (Bloomberg) -- U.S. stocks rose for a second day 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. Oil plunged 7.4 percent, gold rose and Treasuries rallied.
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 gauge rose as much as 1.7 percent today and fell as much as 0.8 percent. 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.
“Banks are actually making money,” said Mark Bronzo, a money manager at Security Global Investors, which oversees $23 billion in Irvington, New York. “These stocks have been so beaten down that it wouldn’t take much for them to do better.” more...
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