Dow Jones Jumps as JPMorgan Beats Earnings Estimates, Walmart -- Prime's Competitor -- Praised
While the tech-heavy Nasdaq Composite slumped on Tuesday, the Dow Jones Industrial Average (DJINDICES: ^DJI) enjoyed a solid rally. The Dow was up about 0.85% at 1:05 p.m. EDT. This gain comes despite the U.S. consistently reporting around 60,000 daily confirmed cases of COVID-19 in recent days. California has reclosed indoor restaurants, bars, and movie theaters amid a surge in cases, news that does not bode well for the economic recovery.
Mega-bank JPMorgan Chase (NYSE: JPM) destroyed analyst estimates with its second-quarter numbers, but it also reported a massive provision for credit losses as it prepares for loans to go bad down the line. Meanwhile, Walmart (NYSE: WMT) stock was up after an analyst praised the retailer's upcoming subscription service.
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Source Fool.com
