U.S. Stocks Rally as Dow Hits 10,000 for First Time in Year

(Bloomberg) -- U.S. stocks rallied, sending the Dow Jones Industrial Average above 10,000 for the first time in a year, on better-than-estimated earnings at JPMorgan Chase & Co. and Intel Corp. Oil climbed, while the Dollar Index slid to the lowest level since August 2008 and Treasuries fell.

JPMorgan added 3.3 percent as a surge in fixed-income revenue helped the bank increase profit almost sevenfold. Intel, the world’s largest chipmaker, rose 1.7 percent after its sales forecast topped estimates by as much as $1 billion. Macy’s Inc. and Nordstrom Inc. gained on a government report that showed retail sales fell less than economists forecast last month.

The Dow jumped 144.8 points, or 1.5 percent, to 10,015.86 at 4:08 p.m. in New York. The Standard & Poor’s 500 Index increased 1.8 percent to a one-year high of 1,092.02, with financial and technology shares leading gains. The MSCI World Index of 23 developed countries added 1.8 percent.

“Intel and JPMorgan are two major bellwethers, so if the most significant semiconductor company and the most significant bank are blowing out their numbers and guiding higher, that has a positive implication for the entire economy,” said Philip Orlando, who helps oversee $400 billion as chief equity market strategist at Federated Investors Inc. in New York...