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Financial stocks getting a big boost after J.P. Morgan Chase, Wells Fargo earnings beats

Tomi Kilgore

Financial stocks are on track for a broad rally Friday, as better-than-expected first-quarter earnings reports from sector heavyweights J.P. Morgan Chase & Co. and Wells Fargo & Co. providing a boost. The SPDR Financial Select Sector ETF rallied 1.6% ahead of the open, with shares of J.P. Morgan surging 2.7% and Wells Fargo edging up 0.2%. Among banks scheduled to report results on Monday, shares of Citigroup Inc. rallied 1.9% and Goldman Sachs Group Inc. hiked up 2.1%. Elsewhere, shares of Bank of America Corp. , which is scheduled to report on Tuesday, rose 1.8% and Berkshire Hathaway Inc. tacked on 0.8%. Meanwhile, futures for the Dow Jones Industrial Average rose 241 points, or 0.9%.