* JPMorgan earnings higher than expected
* US March retail sales up 0.4 pct on gasoline
* President to lay out deficit plan, focus on tax, spending
* Futures gain: S&P 9.3 pts, Dow 89 pts, Nasdaq 18.25 pts
* For up-to-the-minute market news see []
(Updates with data)
By Angela Moon
NEW YORK, April 13 (Reuters) - Wall Street stocks were set
for a higher open on Wednesday after JPMorgan Chase's earnings
beat expectations and spurred bets that other banks' results
will be strong.
JPMorgan Chase & Co <JPM.N> posted an increase in
first-quarter earnings that beat analysts' expectations, helped
by better results in its credit card business. For details, see
[] The stock was up 1.4 percent at $47.29 in
premarket trade.
Bank stocks were boosted by JPMorgan Chase's results,
sending the Financial Select Sector SPDR Funds <XLF.P> up 0.8
percent. Bank of America <BAC.N> shares rose 1.2 percent to
$13.63 in premarket trade and Citigroup <C.N> added 0.9 percent
to $4.59.
"The market has recently been in a consolidation phase,
waiting for the next driver, the next theme. JPMorgan results
appear to have delivered this theme," said Andre Bakhos,
director of market analytics at Lek Securities in New York.
Sales at U.S. retailers rose slightly less than expected in
March as rising gasoline prices drew spending away from other
purchases and auto sales fell, a government report showed,
pointing to slower consumer spending in the first quarter.
[] Market reaction was relatively muted.
"It does look like the consumer is hanging in there in the
face of higher energy prices," said Nicholas Colas, chief
market strategist at the Convergex Group in New York.
In Washington, President Barack Obama is due to present his
vision for tackling the long-term U.S. deficit and debt in a
speech in which he is expected to push for higher taxes for the
rich and changes to government pension and healthcare plans
[]
The Federal Reserve releases its Beige Book of regional
economic conditions at 2:00 p.m. (1800 GMT).
S&P 500 futures <SPc1> rose 9.3 points and were above fair
value, a formula that evaluates pricing by taking into account
interest rates, dividends and time to expiration on the
contract. Dow Jones industrial average futures <DJc1> gained 89
points and Nasdaq 100 futures <NDc1> added 18.25 points.
On Tuesday, major indexes dropped about 1 percent on
worries falling oil prices could set off a reversal in the
high-flying energy sector, while Alcoa's revenue disappointed.
In corporate news, Deutsche Bank <DBKGn.DE> is planning to
restructure its U.S. operations, the Wall Street Journal
reported on its website on Tuesday. []
French engineering group Schneider Electric <SCHN.PA> moved
to quash rumors of a planned takeover of Tyco International
<TYC.N>.
A person with knowledge of the matter said on Tuesday
Schneider had held early talks with Tyco about buying it.[] Tyco International shares were down 2.3 percent
at $51.15 in premarket trade.
(Reporting by Angela Moon, additional reporting by Ryan
Vlastelica; Editing by Kenneth Barry)
