A weaker-than-expected initial read on consumer sentiment in July was getting short shrift as traders bid up the broad market for the first time in more than a week. The Dow Jones Industrial Average rose 204 points, or 1.62%, to close at 12,777. The blue-chip index snapped a six-day losing streak and managed to finish the week with a 0.04% gain. Year-to-date, the Dow is now up 4.6%. Breadth was extremely positive within the Dow with 29 of the index's 30 components on the rise, led by a nearly 6% jump for JPMorgan, which easily topped Wall Street's profit view for its fiscal second quarter despite absorbing a $4.4 billion loss from its previously disclosed bad credit derivatives trade. Other top performers among the blue chips included Bank of America ( BAC), Caterpillar ( IBM), Microsoft ( MSFT) and United Technologies ( UTX). The only decliner in the Dow was Hewlett-Packard ( HPQ), which fell 2%. The S&P 500 leapt 22 points, or 1.65%, to settle at 1357, snapping its own six-session losing streak. The S&P 500 closed the week up 0.17% and now sports a 7.9% advance for 2012. The Nasdaq, which ended a five-day skid, surged 42 points, or 1.48%, to close at 2908. The tech-heavy index lost 1% for the week and is now up 11.6% year-to-date. Conglomerates, financials, transportation and capital goods were the strongest sectors in the broad market. The KBW Bank Index
NEW YORK (TheStreet) -- The major U.S. equity averages soared Friday as investors cheered in-line China gross domestic product data, a mild read on domestic inflation and a better-than-expected earnings report from JPMorgan Chase (JPM).
2012 Stock Predictions and Outlook
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