US STOCKS-Wall St jumps as hopes for easing lockdown offset earnings worry

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* J&J beats profit estimates, boosts quarterly dividend
* Indexes gain: Dow 2.4%, S&P 3.1%, Nasdaq 4%

(Updates to close)
By Caroline Valetkevitch
NEW YORK, April 14 (Reuters) - U.S. stocks jumped on Tuesday
as optimism that the Trump administration could move to ease
lockdowns from the coronavirus overshadowed worrying earnings
reports from JPMorgan and Wells Fargo.
White House adviser Larry Kudlow said President Donald Trump
would make a number of announcements about re-opening the U.S.
economy in the next day or two as the health crisis appeared to
be ebbing, although some state governors have said the decision
to re-start businesses lies with them. New York's total hospitalizations fell for the first time
since the onset of the novel coronavirus pandemic, Governor
Andrew Cuomo said. "The market is going up on prospects of the economy
reopening soon and also the coronavirus (possibly) reaching some
sort of peak," said Peter Cardillo, chief market economist at
Spartan Capital Securities in New York.
The market could be in store for further sharp selling in
the coming months as data showing the extent of the economic
damage from virus is released, he said. "We're going to see
(macroeconomic) numbers that are going to be frightening, and
that will weigh."
Analysts have warned of a torrid earnings season as the
containment measures brought business activity to a halt.
JPMorgan Chase & Co JPM.N and Wells Fargo & Co WFC.N
reversed early gains to end lower. First-quarter profits
plunged, with both banks setting aside billions of dollars to
cover potential loan-losses from the pandemic. The Dow Jones Industrial Average .DJI rose 558.99 points,
or 2.39%, to 23,949.76, the S&P 500 .SPX gained 84.43 points,
or 3.06%, to 2,846.06 and the Nasdaq Composite .IXIC added
323.32 points, or 3.95%, to 8,515.74.
The Nasdaq registered a fourth straight day of gains, and
Amazon.com AMZN.O rose more than 5%.