Wall Street advances; Dow up 207 points

Wall Street partied as markets raced to the finish line as oil dropped for a third straight session. Earnings posted by JP Morgan sparked a much-needed rally in financials.

Nasdaq and S&P ends up by 1% each. Crude was down $ 5 to $ 130/bbl. Financials get a boost as JPMorgan Chase posts better- than-expected numbers. Treasury bond prices fall and the dollar was mixed.

David Kelly of JPMorgan Funds said that a rally is long overdue here. The economy isn't healthy and earnings are not healthy either. But they are getting better. Sequentially, we are going to see a smaller earnings drop this quarter than we saw last quarter and last quarter was better than the quarter before. Same thing is with GDP. It looks like second quarter GDP will be well above the 1%, number that we saw for the first quarter and that was better than the fourth qaurter. So, we are gradually pulling out of this. The economy does justify a higher stock market than we are seeing right now.

The Dow gained 207.38 points, or 1.85%, to 11,446.66. The Standard & Poor's 500 index rose 14.96 points, or 1.20%, to 1,260.32, and the Nasdaq composite index gained 27.45 points, or 1.20%, to 2,312.30.

A look at how the Indian ADRs performed: