Reuters Insider - Bank earnings relief lifts stocks

Wall Financial

14/01/2014 22:38

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 Source:             Thomson Reuters                                   
                                                                       
 Description:        Summary: JP Morgan, Wells Fargo beat forecasts;   
                     Retail sales rise; GM and Tesla see strong demand; 
                     Google's Nest deal lifts peers. Bobbi Rebell      
                     reports.                                          
 
 
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Transcript (May be auto-generated)

 US stocks to rid of one AT&T'S day moving higher Wednesday after the S&P five 
hundred's biggest drop. Two months behind the balance retail sales and earnings 
from JPMorgan and Wells Fargo. The Dow the S&P 500 at the NASDAQ off posting 
solid -- A couple of big banks' results beating forecasts but with a catch TP 
Morgan's profit actually fell hurt by higher legal expenses. Twenty billion into
putting thirteen some linked to the settlement regarding its nice to bringing me
up. At Wells Fargo profits jumped 11% but mortgage financing within its lowest 
in five years both stocks were up on the news. The big loser at GameStop that 
fell 20% wiping out almost a billion dollars in market value. After the company 
warned of lower profits blaming sagging sales of older video games. December 
retail sales keep -- -- expectations. The Commerce Department said that 
excluding automobiles Kathleen building materials and food services. That number
increased by zero point 7% last month. Better than November's zero point 2%. BP 
parrot back that feeling actually I think. I think. And you know the strengths 
is broad based. And in in especially in the control rule in the -- sales sales. 
Reading. We did see some disappointment in. What the sales but you know about 
was already. Seen in in the -- -- -- sales numbers that -- released early in the
months so. I think all our all you know it's -- really -- Reading in retail 
sales consistent with. Slowly rolls. Personal consumption. Encouraging is also 
out to this stuff in Europe the major indexes closing at its session high here. 
General Motors global sales of 4% to 2013. I'm strong demand in the world's two 
largest auto market China. 

And the United States shares of GM just that higher Tesla shares though got -- 
major jolt. -- what do you call it reckless growth. Electric carmakers that 
delivery that the model at the end. Blew past its forecast by 20%. In the fourth
quarter and almost 6900. Has a plan to double its global sales and service 
location. And it's working. Feverishly. On a model X crossover vehicle. Good 
girls 3.2 billion dollar deal for a NASA labs company that -- Smart thermostats 
and smoke alarms lifting other companies in the consumer appliance based on 
Tuesday like. Echelon shares of the maker of transceiver that go into the 
thermostats jumping 35%. Also controlled for stocks soaring they make home 
theaters and automation controllers shares of Google got a bump on the news as 
well