Stocks Jumped at Open after Strong Bank Earnings

U.S. stocks opened solidly higher on Friday, after a series of strong bank earnings announcements boosted investor confidence in the U.S. economy. The Dow Jones Industrial Average lately advanced 262.93 points, or 1.01%, to 26,405.98. The S&P 500 was up 20.10 points, or 0.70%, to 2,908.42. The Nasdaq Composite gained 35.43 points, or 0.45%, to 7,982.79.

Oil futures headed higher on Friday, amid a major announced energy deal that could be fueling some optimism in the crude market. West Texas Intermediate crude for May delivery rose 88 cents, or 1.4%, to $64.46 a barrel. June Brent added 83 cents, or 1.2%, at $71.66 a barrel.

JPMorgan Chase (JPM) reported record revenue and profit for the first quarter on Friday. the bank posted adjusted earnings per share of $2.65, versus analysts’ forecasts of $2.35. Adjusted revenue for the quarter came in at $29.9 billion, outpacing estimates of $28.36 billion.

Wells Fargo & Co. (WFC) reported a 16.4 percent increase in quarterly profit on Friday. Net income applicable to common stock rose to $5.51 billion, or $1.20 per share, in the first quarter ended March 31, from $4.73 billion, or 96 cents per share, a year earlier.

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