US STOCKS-Wall St flies on tech bets, JPMorgan; Google up late

                                
 * Tech jumps ahead of Google results
                                
 * JPMorgan results fuel bank stabilization hopes
                                
 * Dow up 1.2 pct; S&P 500 up 1.6 pct; Nasdaq up 2.7 pct
                                
 * For up-to-the-minute market news click [STXNEWS/US]
 (Updates to close)
                                
 By Ellis Mnyandu
                                
 NEW YORK, April 16 (Reuters) - U.S. stocks soared on
Thursday as expectations of reassuring results from
bellwethers, including Google, lifted technology shares, while
JPMorgan's better-than-expected profit added to bank
stabilization hopes.
                                
 Investors, encouraged by recent signs the economic slump
may be abating, bet that technology earnings would show upside
surprises, driving Google's stock up 2.4 percent to $388.74
before the Web search leader's results after the close.
                                
 And indeed, Google delivered by reporting a
stronger-than-expected first-quarter profit. Its stock popped
up 5 percent to $408.00 in after-hours trading.
                                
 During the regular session, Hewlett-Packard <HPQ.N> rose 5
percent to $36.60, while International Business Machines Corp
<IBM.N> gained 2.6 percent to $101.43. On Nasdaq, Apple Inc
<AAPL.O> shares climbed 3.2 percent to $121.45. The
semiconductor index <.SOXX> rose 3.4 percent.
                                
 "People are starting to feel that maybe there's a slight
chance this is not just a bear market rally," said John
O'Brien, senior vice president at MKM Partners LLC in
Cleveland, referring to the market's 28 percent rebound since
the 12-year closing low of March 9.
                                
 "People are anticipating a pretty good number from
Google," O'Brien told Reuters ahead of Google's earnings
report. "They seem to like to under-promise and
over-deliver."
                                
 The Dow Jones industrial average <.DJI> rose 95.81 points,
or 1.19 percent, to 8,125.43. The Standard & Poor's 500 Index
<.SPX> gained 13.24 points, or 1.55 percent, to 865.30. The
Nasdaq Composite Index <.IXIC> jumped 43.64 points, or 2.68
percent, to 1,670.44.
                                
 Before the bell, JPMorgan's results beat analysts'
expectations as debt trading and underwriting revenue surged.
For details, see [ID:nN16542451] The news got Wall Street's
day off to a solid start, adding to a string of encouraging
results from other banks, including Wells Fargo's <WFC.N>
strong preliminary figures last week.
                                
 Regions Financial <RF.N>  said it will post a first-
quarter profit, pushing the regional banking company's shares
up 34 percent to $6.70.
                                
 Shares of JPMorgan climbed 2.1 percent to $33.24, while
Citigroup <C.N> , due to post quarterly results on Friday,
rose 1.01 percent to $4.01. The KBW Bank index <.BKX> rose 2.1
percent.
                                
 In a sign that investor fear may be receding, the CBOE
Volatility Index <.VIX>, or VIX, dropped for a third straight
day, hitting its lowest close since late September.
                                
 FOR ROSETTA, LIFE BEGINS AT 40
                                
 Additionally, Rosetta Stone Inc's <RST.N> strong debut
suggested equity investors were becoming more willing to take
on risk. Rosetta Stone's initial public offering was only the
third to price this month, making April the best month since
last July. [ID:nN16131770]
                                
 Rosetta Stone jumped to $25.12 on the New York Stock
Exchange -- up 40 percent from its IPO price of $18. Also
boosting sentiment were stronger-than-expected quarterly
results from Harley-Davidson Inc <HOG.N>, which boosted
consumer spending hopes.
                                
 The motorcycle maker's shares rose 5.7 percent to $18.11.
                                
 Optimism about the technology sector also received a boost
from cellphone maker Nokia's <NOK1V.HE><NOK.N> after its
announcement that a drop in demand for its products was
stabilizing, driving its shares up 11.4 percent to $14.88 on
the NYSE.
                                
 But in one sign of the recession's impact on consumers,
General Growth Properties Inc <GGP.N>, the second-largest U.S.
mall owner, on Thursday filed for Chapter 11 bankruptcy
protection, making it one of the biggest victims of the credit
crisis yet. [ID:nN16359952]
                                
 The day's economic data provided a mixed picture. The
Philadelphia Federal Reserve's survey of regional
manufacturing showed a less drastic contraction, while the
Commerce Department data showed March housing starts fell 10.8
percent to a seasonally adjusted annual rate of 510,000 units,
the second lowest on record dating back to 1959.
 (Editing by Jan Paschal)