Major Jumps at DJIA: Bank of America, JPMorgan Chase and Hewlett Packard

Stock markets rallied on Thursday as the Dow Jones Industrial Average surged 1.12 percent or 135.63 points to close at 12,287.04. Standard & Poor’s 500 index gained 1.07 percent or 13.38 points to settle at 1,263.02 while NASDAQ Composite jumped 0.92 percent or 23.76 points to close at 2,613.74 for the day.

Bank of America Corp (NYSE:BAC) was the top performer among Dow Jones components and soared 3.21 percent to close at $5.46 in yesterday’s session. The traded volume stood at 166.02 million shares. The share price recovered from its oversold level and was 7.45 percent below its 50-days simple moving average after yesterday’s surge.

JPMorgan Chase & Co (NYSE:JPM) surged 2.36 percent to close at $33.42 in yesterday’s session. The traded volume was low standing at 19.70 million shares as compared to its average traded volume of 44.05 million shares per day. The share price moved 2.96 percent above its 50-days simple moving average after yesterday’s surge. Moreover the share price trades at a very attractive level as per its price to earnings of 7.13 times.

Hewlett-Packard Company (NYSE:HPQ) gained 1.67 percent to close at $25.62 in yesterday’s session. HPQ traded with volume of 9.1 million shares while its average traded volume stands at 20.63 million shares per day. The share price is trading near its oversold level as per its RSI of 44.21 depicting considerable margin for capital gains.

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Rehan Khan

About Rehan Khan

Rehan Khan has been involved in the financial sector for last 6 years. During that time he has been associated with many financial institutions, banks and brokerages. Rehan is also a graduate in finance and has been writing for last 2 years for various web publications, specializing in US stock markets, penny stocks, forex and commodities.

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