Dow Rallies: Financial Stocks Close Higher, Led by JPMorgan Earnings

Business

0  Updated at 2:30 pm, July 13th, 2012 By: EastIdahoNews.com
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John Foxx | Thinkstock(NEW YORK) — Friday proved to be a good day for stocks across the board, after six straight losing sessions.

The Dow finished the day up almost 204 points, and the Nasdaq and S&P indeces picked up 42 points and 22 points, respectively.

It was banks led by J.P. Morgan Chase & Co. that pushed up financial-sector stocks Friday. The nation’s largest bank reported a net income of $5 billion last quarter, even though it also revealed the loss from those risky trades overseas was $5.8 billion, almost three times as much as initially reported.

Wells Fargo also added to Friday’s S&P rally after posting a 17 percent increase in profits last quarter, according to the Wall Street Journal.

Copyright 2012 ABC News Radio