(Bloomberg) — Stocks rose and bond yields fell, with traders weighing the latest economic readings and big banks kicking off the earnings season.
The S&P 500 hovered near 5,600 after sliding almost one per cent in the previous session. Smaller firms continued to outperform megacaps. Banks got hit. Wells Fargo & Co. warned it won’t be able to whittle away costs as fast as forecast. JPMorgan Chase & Co. missed on a few key metrics like net interest income — despite posting record profit. Citigroup Inc. said costs for the year are likely to be at the high end of the range previously provided.
Traders looked past data showing U.S. producer prices climbed slightly more than forecast — as categories that are used to calculate the U.S. Federal Reserve’s preferred inflation measure, the personal consumption expenditures price index,…
