U.S. stocks rose Friday after a series of strong bank earnings, led by JPMorgan, boosted confidence in the U.S. economy while the Dow gained more than 200 points as shares of the banking giant and Walt Disney Company soared.
Strong bank earnings will likely bolster confidence in the underlying economy, and JPMorgan Chief Executive James Dimon further underscored this message, noting 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.”
What are strategists saying? “Company specific news from major Dow components is helping lift the market,” Bill Northey, senior investment director at U.S. Bank, told MarketWatch. “Chinese data looks to be the main driver of the gains on Friday. While we shouldn’t get too carried away with the numbers — February’s data is a clear reminder how volatile they can be this time of year — they are encouraging,” said Craig Erlam, senior market analyst at Oanda told MarketWatch.
What might be the likely factors for this?
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