NEW YORK: US stock indexes rose on Wednesday after upbeat earnings reports from Goldman Sachs and JPMorgan boosted investor expectations of a strong rebound for corporate America amid swift COVID-19 vaccinations.
Goldman Sachs Group Inc rose 3.3% after it reported a massive jump in first-quarter profit, capitalizing on record levels of global dealmaking activity.
JPMorgan Chase & Co’s shares fell 1.1% even as the largest US bank’s earnings jumped almost 400% in the first quarter, as it released more than $5 billion in reserves it had set aside to cover coronavirus-driven loan defaults.
At 09:50 a.m. ET, the Dow Jones Industrial Average rose 145.73 points, or 0.44%, to 33,823.00, the S&P 500 gained 4.13 points, or 0.10 %, to 4,145.72 and the Nasdaq Composite gained 15.22 points, or 0.11 %, to 14,011.32.