Stocks opened higher Friday as big banks earnings rolled in, continuing this week’s rally after strong economic data injected optimism into the market.
The Dow Jones Industrial Average was up 137 points or 0.4%, while the S&P 500 was up 0.2%, and the tech-heavy Nasdaq Composite rose nearly 0.3%. The S&P 500 and Nasdaq teared through their intraday 52-week highs on Wednesday and Thursday thanks to a better-than-expected inflation report.
JPMorgan Chase (ticker: JPM) handily beat analysts’ estimates for profit as higher interest rates and the acquisition of First Republic Bank boosted earnings. Citigroup’s (C) earnings also came in ahead of estimates, although deal making revenue was subdued.
