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8B – Daily News – Thursday, April 15, 2010 NORTH VALLEY MATTRESS MON.-FRI. 9:00-5:30 • SAT. 9:00 -5:00 • CLOSED SUNDAYS 632 Main St., Red Bluff 527-5837 NEW YORK (MCT) — U.S. stocks on Wednes- day surged to a fifth day of gains, with Wall Street staging its best perfor- mance in nearly six weeks in cheering results from industry titans in the bank- ing and technology sec- tors. "Investors are more convinced now that the recovery is gaining momentum," said Howard Ward, portfolio manager for the Gamco Growth Fund. Intel Corp. and JPMor- gan Chase & Co. both offered quarterly reports that topped expectations, helping the Dow Jones industrial average rise the most since March 5. The Dow rose 103.69 points, or 0.9 percent, to 11,123.11. Twenty-three of the Dow's 30 compo- Your Choice Brighten Spring Air Choice of firmness: Firm, Plush or Pillowtop King $599.95 Queen $399.95 Full $349.95 nents gained, led by JPMorgan Chase, up 4.1 percent; Bank of America Corp., ahead 3.9 percent; and Intel, which advanced 3.3 percent. Closing above 1,200 for the first time since Sept. 26, 2008, the S&P 500 Index added 13.35 points, or 1.1 percent, to 1,210.65, with financials and tech- nology shares up the most among the 10 industry groups and health care and telecommunications the only laggards. The Nasdaq Composite Index climbed 38.87 points, or 1.6 percent, to 2,504.86. For every stock declin- ing, more than three posted gains on the New York Stock Exchange, where more than 1.1 billion shares changed hands. Composite volume topped 5.9 billion. Commodities joined equities in their climb, with crude-oil futures ris- ing for the first day in six. While too early to tell whether there's been a change in market senti- ment, Ward said he found interesting the reactions to Intel's and JPMorgan's earnings reports compared with the market's response to results a quarter ago. "Last quarter, when companies reported better- than-expected results, there was a lot of selling on the news," said Ward, who added that one might expect some profit-taking on the latest good news, given that the market could be viewed as overextended as the indexes head toward a seventh week of gains. "So it's impressive (that) the rally seems to have some staying power. It's signaling individual investors are returning to stocks," Ward said. We're in a market envi- ronment where I wouldn't want to be chasing after best performers," as those could become susceptible once a pullback arrives, said Ward. JPMorgan on Wednes- day reported that first- quarter profit climbed 55 percent, with the New York banking giant's results exceeding Wall Street's expectations. Reporting after Tues- day's close, tech goliath Intel reported a large jump in first-quarter earnings, offering solid evidence that companies are again spending on technology. See more about Intel's sales of personal computer and server chips. Also lifting sentiment, the government reported U.S. retail sales in March 10 year warranty Stocks extend winning streak to fifth day Wall Street not only willing to take on debt, but banks and finan- cial institutions are lending to them," said Ablin. And on Capitol Hill, in rose the most in four months, while core infla- tion remained unchanged. The data suggests "con- sumers are pulling their weight in the recovery," said Jack Ablin, chief investment officer at Harris Private Bank. Among the more note- worthy aspects of the retail data are gains in building materials, electronics, fur- niture and cars, segments of retail that often require financing. 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