S&P soars through 1,200 as JPMorgan results cheer

US stocks notched a fifth straight day of gains as stronger corporate results and March retail sales pushed the S&P 500 past 1,200 for the first time in 18 months.

Dow components Intel and JPMorgan Chase paced the market after both posted strong results.

JP Morgan was up four per cent on the Dow to $47.73, followed by Bank of America, which rose 3.9 per cent to $19.40. Intel climbed 3.3 per cent to $23.52.

The Dow Jones industrial average was up 103.69 points, or 0.94 per cent, at 11,123.11. The Standard & Poor’s 500 Index was up 13.35 points, or 1.12 per cent, at 1,210.65. The Nasdaq Composite Index was up 38.87 points, or 1.58 per cent, at 2,504.86.

Financial and technology sectors led gains on the broad S&P 500.

The KBW Banks index surged 3.4 per cent while Citigroup gained 6.7 per cent to $4.93.

About 10.24bn shares traded on the New York Stock Exchange, the American Stock Exchange and Nasdaq, above last year’s estimated daily average of 9.65bn.