Goldman Sachs fell 2.3% to $152.98 and JPMorgan, the largest U.S. bank, slipped 1.2% to $50.05. Morgan Stanley retreated 0.7% to $23.06.
Pandora surged 19% to $13.94. The biggest U.S. Internet radio service reported revenue of $125.1 million in the quarter ended Jan. 31, beating analysts’ estimates of $122.8 million. Excluding items, the company posted a loss of 4 cents a share, smaller than the 5-cent loss seen by analysts.
Joe Kennedy resigned unexpectedly as chairman and chief executive officer of the company. Kennedy, 53, made the decision after discussions with the board over the Pandora’s future, he said in a statement yesterday.
H&R Block Inc. jumped 9.1% to $27.25, for the largest rally in the S&P 500. The biggest U.S. tax preparer rose to the highest since 2008 after Chief Executive Officer William C. Cobb said he expects this year’s filing season to yield more business following an initial delay.
The S&P 500 may climb to 1,600 this year as more stocks participate in the market rally, Bank of America Corp.’s Mary Ann Bartels said. The index may drop as much as 10 to 15% after it rallied this year without a retreat of more than 3%, and investors should take advantage of any pullback to buy equities, Bartels said today on Bloomberg Radio.
“There are so many sectors and stocks breaking out of the 10-year trading range, that I’ve never seen in my career,” Bartels, New York-based head of U.S. technical and market analysis at Bank of America, said in an interview with Carol Massar. “This is a strong market.”