US stocks rose for a fifth straight day on Wednesday and the S&P 500 topped 1,200 as stronger-than-expected corporate results and March retail sales bolstered the outlook for profits. Intel Corp late Tuesday reported earnings and sales that trounced estimates, while J.P. Morgan Chase & Co also posted a better-than-expected profit.
J.P. Morgan was the top percentage gainer among Dow components, up 3.8 percent to $47.61, while Intel, also a Dow component, climbed nearly percent to $23.45. Financial and technology sectors led gains on the broad S&P 500, which broke above 1,200 for the first time since September 2008, when Lehman Brothers collapsed. The Nasdaq composite index advanced more than 1 percent.
The Dow Jones industrial average was up 73.23 points, or 0.66 percent, at 11,092.65. The Standard & Poor's 500 Index was up 9.32 points, or 0.78 percent, at 1,206.62. The Nasdaq Composite Index was up 29.58 points, or 1.20 percent, at 2,495.57.
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