U.S Stocks Get Some Relief; Halt Six Session Decline (SPY)

July 13, 2012 7:55 AM EDT
SPDR S&P 500 ETF (NYSE: SPY) is up more than 11 points, or about 0.87 percent, Friday morning. Overnight GDP data in China showed growth of 7.6 percent, and this helped ease fears that growth in China was drastically lower than expected. The market is also relieved by the release of JPMorgan (NYSE: JPM) earnings, which were reported higher than expected, despite losses in the now gutted CIO unit.

Yesterday, Bank of America Corp. cut its earnings estimates for the Standard & Poor's 500 Index for 2012 and 2013, citing concern that lower commodity prices and slower global growth will weigh on corporate profits.

According to a note to clients, strategists Dan Suzuki, Savita Subramanian and Jill Carey now project income of $102 per share for 2012 and $109 for 2013, implying growth of 4 percent and 7 percent, respectively,

According to data compiled by Bloomberg, analysts are calling for the first decline in quarterly earning, with a probably decreased of 1.8 percent in the second quarter.

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