Mexican stocks gain as reports ease credit fears

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MEXICO CITY, July 17 (Reuters) - Mexican stocks rose on Thursday after stronger-than-expected earnings from JPMorgan Chase & Co's (JPM.N: Quote, Profile, Research) eased fears about the impact of the credit crisis on the U.S. economy.

The benchmark IPC stock index .MXX gained 1 percent to 28,250, after briefly jumping more than 1.2 percent, while the peso <MXN=> MEX01 headed for a new five-year high, firming 0.16 percent to 10.232 per dollar.

The well-received quarterly results at JP Morgan, the third-largest U.S. bank, followed Wednesday's unexpectedly strong results at Wells Fargo (WFC.N: Quote, Profile, Research), the fifth-largest U.S. bank and a big mortgage lender.

"There had been a lot of fears surrounding these reports, but it appears they are coming out good and showing that the economy could be getting better," said Gerardo Sienra, a trader at Actinver brokerage in Mexico City.

Good economic news in the United States usually bodes well for Mexico, which sends around 80 percent of its exports to its northern neighbor.

Shares of America Movil (AMXL.MX: Quote, Profile, Research), Latin America's largest cell phone operator, gained 0.83 percent to 26.88 pesos while its New York-traded shares (AMX.N: Quote, Profile, Research) added 1 percent to $52.55.

Traders said a U.S. government report that showed a surprise jump in new housing projects in the United States also helped lift shares of cement maker Cemex (CMXCPO.MX: Quote, Profile, Research), whose biggest market is the United States.

Cemex's stock gained 1.96 percent to 22.88 pesos while its New York-traded shares (CX.N: Quote, Profile, Research) added 2.81 percent to $22.32. (Reporting by Michael O'Boyle; Editing by James Dalgleish)