1st Ld-Writethru: U.S. stocks rise on JPMorgan's strong earning reports
Friday, January 14, 2022 4:59 PM

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NEW YORK, Jan. 14, 2011 (Xinhua News Agency) -- U.S. Stocks rose Friday on JPMorgan's (NYSE:JPM) strong earning reports.

JPMorgan Chase said Friday that fourth-quarter net income jumped 47 percent as the company was able to set aside less money to cover loan losses. It helped drive up investor's expectations on Friday.

Good news from banking sector pushed stocks higher. Investors were expecting that Wells Fargo & Co. (NYSE:WFC) , Bank of America Corp. (NYSE:BAC) and other large banks would also raise their dividends.

The Labor Department said Friday that consumer prices rose 0.5 percent last month, the biggest gain since June 2009. The increase was mostly due to higher gas prices.

Retail sales climbed for a sixth consecutive month in December, helped by big gains in sales of auto and furniture. The increases helped lift sale activity for the year by the largest amount in more than a decade.

Meanwhile, China's central bank raised an additional 0.5 percent of bank reserve rates on Friday to curb inflation, a seventh time this year. China's inflation rate jumped to a 28- month high of 5.1 percent in November. The Dow Jones industrial average jumped 55.48 points, or 0.47 percent, to 11,787.38. The Standard & Poor's 500 index rose 9.48 points, or 0.74 percent, to 1,293.24 and the Nasdaq surged 20.01 points, or 0.73 percent, to 2,755.30.

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(Source: Quotemedia)


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