Wednesday morning headlines

Stocks keep climbing: The S&P 500, generally considered more reflective of the overall market than the Dow, went above 1200 for the first time in nearly 19 months. Financial and tech components led the way.

Bernanke says economy is mending: But the Fed chairman told Congress this morning that "difficult choices" must be made about the deficit, warning that "postponing them will only make them more difficult." No word yet on interest rates. (NYT)

Shoppers returning: March retail sales rose more than expected, largely due to car sales. The government report affirms last week's strong numbers by the individual chains. (NYT)

Big numbers for JP Morgan Chase: First-quarter income jumped 55 percent, and CEO Jamie Dimon says fewer borrowers are falling behind on their loans. From the NYT:

"Large corporate America is in very, very, very good shape," Mr. Dimon said. "It is very, very good news."

JPMorgan executive gets mobbed: David Lowman, head of the bank's home mortgage business, was testifying before Congress and invited customers to speak to him if they feared foreclosure of their homes. Minutes later, around 50 borrowers told him that the bank reneged on a pledge to help struggling homeowners. From Reuters:

The activist who organized the protest said Lowman did not want to talk and left the hearing. "He ran. He ran like a dog with its tail between his legs," said Bruce Marks of the Neighborhood Assistance Corporation of America (NACA), which helps homeowners avoid foreclosure. "He was scared to death because he doesn't really want to talk to homeowners."

Bids due on CA sell-off: State officials are hoping their portfolio of properties, including the Reagan building in downtown L.A., will go for more than $2 billion, including debt. That would net as much as $1 billion for the state. But the WSJ reports that 450 registered bidders have decided to pass.

California's financial crunch might turn off some prospective bidders, however. Many landlords look favorably on large, creditworthy tenants who will sign long-term leases, because the guaranteed income stream lowers their future risks. But California's credit took a hit over the summer when state leaders failed to agree on budget solutions and California began issuing individual registered warrants--essentially IOUs--to pay its bills. Fitch Ratings has an A-minus credit rating on California, the lowest rating for any state in the country.

Miramax bidding heats up: Both the Gores brothers and the Weinstein brothers have upped their bids for the movie company. Also in the mix is financier David Bergstein and his pal Ron Tutor. Miramax parent Disney is looking to wrap it up. (LAT)

iPad sales are booming: Better than 500,000 were sold in the first week, more than Apple said it had expected. As a result, the company is postponing the international launch by a month. (MediaMemo)

New hire at B of A: Charles Noski, a former CFO at Northrop, and before that AT&T, takes that same post at BankAmerica. (Reuters)