Stocks Extended Winning Streak

U.S. stocks extended their winning streak on Thursday, as the Dow industrial Average and the S&P 500 notched new closing highs, spurred on by better-than-expected earnings from J.P. Morgan Chase & Co. The Dow added 134.29 points, or 0.73%, to 18,506.41. The S&P 500 rose 11.32 points, or 0.53%, to 2,163.75. The Nasdaq Composite gained 28.33 points, or 0.57%, to 5,034.06.

J.P. Morgan Chase & Co. posted stronger-than-expected quarterly earnings and a surprise increase in revenue, while its expenses declined. The largest U.S. bank by assets reported a profit of $6.2 billion, or $1.55 a share. That compares with a profit of $6.29 billion, or $1.54 a share, in the same period of 2015. Revenue rose to $25.21 billion.

Oil rallied as short covering lifted prices. Brent crude settled up $1.11, or 2.40 percent, at $47.37 per barrel. U.S. crude settled up 93 cents, or 2.08 percent, at $45.68 a barrel.

Benchmark 10-year U.S. Treasury yields hit a nearly three-week high of 1.551 percent, partly on U.S. data showing rising inflation.

German drug and crop chemical group Bayer AG on Thursday announced details of a sweetened $64 billion bid for Monsanto Co as it tries to put the U.S. seed company under pressure to engage further.

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