Tuesday's midday trade: stocks jump; BofA up on forecast

US stocks jumped on Tuesday after a pullback in oil prices and an upbeat profit forecast from Bank of America, but technical signals still suggested a market correction was near. In the financial sector, Bank of America Corp, shot up 4.3 percent to $14.64 after it forecast pretax profit of about $40 billion annually longer term, more than some investors had expected.
Financials led gainers on the S&P 500, with the S&P financial index up 2.2 percent. The Dow Jones industrial average jumped 137.67 points, or 1.14 percent, at 12,227.70. The Standard & Poor's 500 Index was up 13.46 points, or 1.03 percent, at 1,323.59. The Nasdaq Composite Index put on 27.37 points, or 1.00 percent, at 2,773.00.