Dow rises 200 points as healthy bank earnings, China trade data buoy markets

U.S. stocks rose sharply at the start of trade Friday after a series of strong bank earnings announcements, led by JPMorgan, boosted investor confidence in the U.S. economy, while the Dow got an added boost as shares of Walt Disney Company soared following the unveiling of its new streaming service.

Strong bank earnings could give investors more confidence in the underlying economy, and JPMorgan Chief Executive James Dimon further underscored this message in a statement Friday, saying that, “Even amid some global geopolitical uncertainty, the U.S. economy continues to grow, employment and wages are going up, inflation is moderate, financial markets are healthy and consumer and business confidence remains strong.

Meanwhile, oil giant Chevron Corp. CVX, -5.37% said it planned to acquire Anadarko Petroleum Corp. APC, +32.22% in a cash-and-stock tie-up valued at $33 billion or $65 a share. Shares of Wells Fargo & Co. WFC, -2.65% rose 0.2% Friday morning, after the bank beat profit and revenue estimates for the first quarter.PNC Financial Services Group Inc. PNC, +1.47% rose 1.2% early Friday, after the large, regional bank reported met earnings expectations and slightly surpassed revenue projections for the first quarter.

Maybe someone has increased his prayer.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Litecoin Has Climbed More Than 200% This YearLitecoin has established itself as a market leader thus far in 2019. What caused its robust gains? BULLISH ON LITECOIN It's not surprising. Cryptocurrencies are not money as dollar, Euro which reflects the basis of economies. They are only investment opportunities or tools goes opposite what economics show.
Source: Forbes - 🏆 394. / 53 Read more »

Dow futures slightly higher ahead of inflation data, Fed minutesU.S. stock index futures were higher Wednesday morning, as market participants await inflation data and minutes from the Federal Reserve's latest meeting.
Source: CNBC - 🏆 12. / 72 Read more »

Cisco, Apple and IBM are leading the Dow this year, but only two look good, according to two expertsThe Dow's top performers this year are a blast from the past. Legacy tech stocks including Apple, Cisco and IBM have topped the blue-chip index.
Source: CNBC - 🏆 12. / 72 Read more »