Submitted by Fox First at Ten on July 13th
By The Associated Press
JPMORGAN'S RALLY: JPMorgan Chase bank earned $5 billion in the most recent quarter, easily beating Wall Street's forecasts, even as it took a deeper loss from a complex trade that went wrong. Relieved investors drove up bank stocks, ended a six-day losing streak for the market and sent the Dow Jones industrial average up 204 points.
HALO EFFECT: JPMorgan's underwriting business also fared better than many expected. That rubbed off on the investment banks Goldman Sachs and Morgan Stanley, driving both up more than 3 percent.
BROAD-BASED: The rally swept across the stock market. Five stocks rose for every one that fell on the New York Stock Exchange, and all 10 industry groups within the S&P 500 rose, led by financial firms.
Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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