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.