JPMorgan Chase & Co.'s better-than-expected results lifted both bank stocks and the broader markets Wednesday.
The KBW Bank Index rose 3.19% after JPMorgan Chase said that its third-quarter net income rose more than sixfold from a year earlier, to $3.6 billion, or 82 cents a share. Analysts on average were expecting the New York company to earn 52 cents a share. The company's shares rose 3.3% Wednesday.
The Dow Jones industrial average rose 1.47%, to close at 10,015.86 — its first close above 10,000 since Oct. 3, 2008. Better-than-expected results from Intel also fueled the rise. In October 2007, the Dow set its record high of 14,164.53. The Standard & Poor's 500 index rose 1.75%.
Gainers went across the board.
Bank of America Corp. rose 4.4%, Wells Fargo & Co., 4.3%; PNC Financial Services Group Inc., 5%; U.S. Bancorp, 4.8%, and Citigroup Inc., 3.5%.
Among the regional banking companies, SunTrust Banks Inc. was up 2%, BB&T Corp., 3.3%; Capital One Financial Corp., 3%; KeyCorp., 4%; Regions Financial Corp., 2.2%; Fifth Third Bancorp, 1.9%; First Horizon National Corp., 2.8%; Comerica Inc., 4.7%; Zions Bancorp., 3.5%, and Huntington Bancshares Inc., 15 cents a share, to $4.68.