Posted: Jul 13, 2012 11:03 AM
Source: Associated Press
NEW YORK- Big banks are leading stocks sharply higher on Wall Street. Strong earnings from JPMorgan sent its stock up 5 percent, the biggest gain in the Dow Jones industrial average.
The Dow jumped 184 points to 12,757 shortly before noon Eastern. The Dow is coming off a six-day slump, the longest losing streak since mid-May.
JPMorgan, 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 estimates for revenue.
Wells Fargo, the other major bank reporting results Friday, said a rise in lending helped lift net income 18 percent. The bank's stock gained 3 percent.
The Standard & Poor's 500 index rose 18 points to 1,353 and the Nasdaq composite gained 34 points to 2,900.