NEW YORK — Upbeat forecasts from JPMorgan Chase and Intel propelled the stock market higher Wednesday for a fifth straight day.
The Standard & Poor’s 500 index topped the 1,200 mark for the first time in a year and a half. The Dow Jones industrial average rose 104 points and moved above 11,100.
The good news came from all directions: Corporate-earnings numbers and government reports on retail sales and regional economic conditions indicated the recovery is taking hold.
One of the biggest forces behind the market’s climb was JPMorgan Chase, which reported better-than-expected profit for the January-March quarter. The bank is still facing big losses from souring consumer loans, but chief executive Jamie Dimon said there have been clear improvements in the economy.
The forecast from chipmaker Intel boosted the technology- dominated Nasdaq composite. Intel posted earnings and revenue after the closing bell Tuesday that topped analysts’ expectations. The company also raised its outlook for this year.
JPMorgan rose 4.1 percent, while Intel added 3.3 percent.
Michael Binger, portfolio manager at Thrivent Investment Management in Minneapolis, said the strong results from leaders of the banking and technology industries are signs that a rebound is in place.
“It diminishes the chance that we go back into a double-dip recession,” he said. “It lends credence that the financial industry is recovering and the tech industry is beyond recovering and is doing very well.”
A Commerce Department report that retail sales rose more than expected in March added to a sense that consumers are feeling more comfortable spending.
The Dow rose 103.69, or 0.9 percent, to 11,123.11. The Dow closed over 11,000 on Monday for the first time since September 2008. It is up 2.1 percent in five days, its best advance since early March.
The S&P 500 rose 13.35, or 1.1 percent, to 1,210.65. It was its best gain since March 5. Like the Dow, the S&P 500 is at its best level since September 2008.
