Investors snapped up shares of battered stocks and financials rose on good news from JPMorgan Chase. Bobbi Rebell reports.
Stocks came roaring back on Thursday after a bounce back in oil helped to lift stocks. The S&P 500 reclaimed the 1900 level. Energy stocks, like ExxonMobil and Chevron, led a broad-based rally. Markets rallied despite an unexpected rise in the filing of jobless benefits last week. Financial advisor Michael Bapis of High Tower: SOUNDBITE: MICHAEL BAPIS, MANAGING DIRECTOR, BAPIS GROUP AT HIGH TOWER (ENGLISH) SAYING: "There's a lot of reasons for investors buying today. It's probably a bounce off the negative ten percent start to the year on the S&P 500. You're seeing some technical support at roughly 1880 on the S&P 500." After the closing bell: Intel out with an earnings beat. But the stock fell after the release because Intel posted a week outlook for the next quarter. JPMorgan Chase kicked off earnings season for the bank with a sharp rise in profit. It also issued a confident outlook despite the exposure of loans to the energy sector. Investors had a huge appetite for Chipotle shares for the second straight day. Executives said they're confident they can stop future food poisoning outbreaks at the burrito chain. Best Buy shares dropped after it forecast its domestic sales would fall in the current quarter. GoPro shares plummeted after the wearable camera maker forecast weak revenue for the current quarter due to a price cut for its Hero4 cameras. In Europe, auto stocks helped drive shares down to a 13-month low before partially recovering.