JPMorgan Chase leads Dow up at opening of trading

US stocks head higher after JPMorgan and Wells Fargo reporting earnings and some surprises

Associated Press
JPMorgan Chase launches a stock market rally
.

View photo

FILE- In a Tuesday, July 10, 2012, file photo, traders work at the start of early trading at the New York Stock Exchange. U.S. stocks slid for a sixth day Thursday, July 12, 2012, as concern spread that weaker global economic growth and the European debt crisis will hurt U.S. corporate earnings. (AP Photo/Bebeto Matthews, File)

NEW YORK (AP) -- Big banks are leading stocks higher at the opening of trading. JPMorgan surged 3 percent early Friday, leading the Dow Jones industrial average.

The country's biggest bank posted net income of $5 billion for the most recent quarter, easily topping Wall Street's forecasts. It also beat expectations for revenue.

The Dow rose 112 points to 12,684 shortly after the opening bell. The Standard & Poor's 500 index rose 12 points to 1,347 and the Nasdaq composite gained 21 points to 2,887.

JPMorgan posted stronger earnings even as it revealed that losses from a derivatives trade had grown to $5.8 billion, nearly triple its original estimate.

Wells Fargo, the other major bank reporting results Friday, said its net income rose 18 percent. The stock surged 1.5 percent.

View Comments (0)