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Market Update

U.S. Stocks, Oil Advance; EU Files Antitrust Charges Against Google


Author: Nichole Harper
ticker.com
Last Update: 1:49 PM ET April 15 2015

1:45 PM New York Market indexes on Wall Street traded higher and Bank of America reported profit in the first-quarter of 2015. European Union alleged Google with anti-competitive practice of directing traffic to its own shopping services ahead of rivals.

Stocks on Wall Street traded higher and crude oil prices jumped above $55 a barrel.

Bank of America swung to profit in the first-quarter but results were lower than expected as the bank reported rising deposits and cut its legal costs.

In Europe, Nokia agreed to acquire rival France-based telecom-equipment maker Alcatel-Lucent.

On the economic front, industrial production in March fell 0.6% after rising 0.1% in February. Manufacturing production rose 0.1% and mining fell 0.7%, Federal Reserve Bank said today.

On Wall Street trading, Tollbooth Strategy Index rose 0.1% or 14.31 to 10,684.56.

S&P 500 index gained 9.78 or 0.5% to 2,105.58 and the Nasdaq Composite Index rose 24.41 or 0.5% to 5,001.76.

Crude oil in New York jumped $2.31 to $55.60 a barrel and gold climbed $4.50 to $1,197.10 an ounce.

China reported its slowest economic growth rate in six years. First-quarter economic expansion slowed to 7% as China engineered a slowdown and curb speculation in construction and home building and contain the building up of bad loans at banks.

The economic growth slowed from the 7.3% increase in the final quarter of 2014.

U.S. Movers

Bank of America Corp (BAC) fell 9 cents to $15.73 after the financial services provider reported total revenues in the first-quarter ending in March declined 5.7% to $21.42 billion from a year ago period.

Net in the quarter swung to profit $2.98 billion or 27 cents per diluted share compared to a loss of $514 million or 5 cents from the same quarter last year.

Total client balances in the quarter jumped 5% to more than $2.5 trillion from the year-ago period.

Merrill Edge Brokerage Assets climbed 18% to $118 billion and global banking increased period-end loans by $6 billion to $296 billion.

The bank''s mortgage banking revenue soared 68.4% to $694 million and non-interest expenses in the quarter declined 29.4% to $15.7 billion while litigation expenses dropped to $370 million.

So far, the bank paid at least $70 billion to settle the legal issues related to the financial crisis.

Delta Air Lines, Inc (DAL) climbed 3.5% or $1.50 to $44.58 after the airline said total revenues in the first-quarter ending in March jumped 5% to $9.39 billion from a year ago period.

Net income in the quarter soared 250.2% to $746 million or 90 cents per diluted share compared to $213 million or 25 cents from the same quarter last year.

Intel Corporation (INTL) soared 4.4% or $1.36 to $32.85 after the computer processor maker reported revenues in the first-quarter ending in March nearly flat at $12.8 billion from a year ago period.

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Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc