Stocks Opened Higher after Strong Bank Earnings

U.S. stocks opened higher on Friday, after a trio of big banks reported strong quarterly results. The Dow Jones Industrial Average lately rose 75.06 points, or 0.31%, to 24,558.11. The S&P 500 climbed 8.44 points, or 0.32%, to 2,672.43. The Nasdaq Composite advanced 15.00 points, or 0.21%, to 7,155.25.

Crude-oil futures turned lower early Friday, after days of being driven by fears of a military conflict in Syria. West Texas Intermediate oil for May delivery lost 17 cents, or 0.3%, to reach $66.90 a barrel. Brent oil for June was down 26 cents, or 0.4%, at $71.76 a barrel.

JPMorgan Chase (JPM) reported earnings per share of $2.37 versus analysts’ estimates of $2.27 per share. The bank reported net revenue of $28.5 billion, compared to $25.85 billion the bank posted in the same period a year ago.

Citigroup’s first-quarter profits rose by 13 percent from a year earlier. Citigroup reported a profit of $4.62 billion, or $1.68 a share, compared with a profit of $4.09 billion, or $1.35 per share, in the same period a year earlier.

Wells Fargo & Co on Friday said first-quarter profit rose 6 percent, helped by a lower U.S. tax rate. Net income applicable to common stock rose to $5.53 billion, or $1.12 per share in the quarter ended March 31, from $5.23 billion, or $1.03 per share a year ago.