Business

Banks lead an early gain in US stock indexes

Posted April 13, 2016 7:00 am

The Associated Press

NEW YORK (AP) - U.S. stocks are rising in early trading, led by gains in banks after JPMorgan Chase turned in results that weren't as bad as analysts anticipated.

JPMorgan rose 3.4 percent in the first few minutes of trading Wednesday. Profits and revenue for the giant bank both fell in the first quarter, but not nearly as much as forecast.

Other banks also rose. Bank of America jumped 3 percent and Wells Fargo climbed 2 percent.

The Dow Jones industrial average increased 135 points, or 0.8 percent, to 17,856 as of 9:35 a.m. Eastern time.

The Standard & Poor's 500 index added 12 points, or 0.6 percent, to 2,074. The Nasdaq composite rose 38 points, or 0.8 percent, to 4,910.

Bond prices fell. The yield on the 10-year Treasury note rose to 1.79 percent.

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