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U.S. stocks rallied to begin May, with the S&P 500 rising the most in more than two weeks, as banks rebounded and Amazon. Inc. jumped for a second day to boost consumer shares.
Amazon increased 3.7 percent to a four-month high, after its biggest one-day gain in nine months on Friday followed better-than-estimated earnings. Wells Fargo & Co. and Bank of America Corp. climbed at least 1.2 percent. Halliburton Co. added 1.8 percent and Baker Hughes Inc. fell 2 percent after ditching their $28 billion merger. Energy producers edged higher despite lower oil prices, and Apple Inc. extended its longest losing streak since 1998.
The S&P 500 rose 0.8 percent to 2,081.43 at 4 p.m. in New York, recovering more than half of its biggest weekly retreat since February. The Dow Jones Industrial Average added 117.52 points, or 0.7 percent, to 17,891.16. The Nasdaq Composite Index increased 0.9 percent. About 7 billion shares traded hands on U.S. exchanges, 10 percent below the three-month average.
PRESS COMMENTARY
The Times: The City is poised for a brace of listings that could add more than £2 billion to the value of companies traded on the stock market and boost investment banks hit by a worldwide fees drought.
Financial Times: Halliburton’s failed $28 billion bid for rival Baker Hughes, which was abandoned by the two companies on Sunday, faced insurmountable objections from competition regulators, the US Department of Justice has said.
COMPANY NEWS
HSBC Holdings Plc reported a bigger first- quarter profit than analysts forecast, weathering turbulence in global markets, as Chief Executive Officer Stuart Gulliverpared back costs. Pretax profit fell to $6.1 billion from $7.1 billion a year earlier.
Aberdeen Asset Management PLC (ADN.LN) said it is continuing to face weakness in emerging markets as it reported a fall in interim revenue and net profit.
UBS Group AG said first-quarter profit plunged 64 percent, missing analyst estimates, as market turbulence eroded earnings at the wealth-management and securities units. Net income declined to 707 million Swiss francs ($741 million) from 1.98 billion francs a year earlier.
BNP Paribas SA, France’s largest bank, posted a surprise increase in first-quarter profit as a decline in provisions for bad loans helped outweigh a slump in trading revenue. Net income rose to 1.81 billion euros ($2.1 billion) from 1.65 billion euros a year earlier.
BMW AG’s profit declined 2.5 percent in the first quarter on investment in new technologies like self- driving cars to defend its status as the world’s biggest maker of luxury vehicles. Earnings before interest and taxes slipped to 2.46 billion euros ($2.84 billion) from 2.52 billion euros a year earlier.
Royal Philips NV says it is spinning off its iconic lighting division in an initial public offering so it can focus on its future as a health technology provider.
Deutsche Lufthansa AG’s reduced its loss for the seasonally weak first quarter by more than two-thirds after benefiting from lower fuel prices and cutting costs through the streamlining of its short-haul network. The adjusted loss before interest and tax narrowed to 53 million euros ($61 million) from 167 million euros a year earlier. Source Quilter Cheviot
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