|Page (1) of 1 - 07/13/12||email article||print page|
US stocks head higher after JPMorgan and Wells Fargo reporting earnings and some surprises
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.