NEW YORK: JPMorgan Chase & Co's better-than-expected first-quarter earnings raised expectations that rival Wall Street lenders would follow suit when they report next week, pushing most bank stocks higher on Friday .
JPMorgan is the largest US bank by assets and a bellwether for the U.S economy and financial sector. It reported strong results across its businesses, with Chief Executive Jamie Dimon citing solid US economic growth, moderate inflation and robust consumer and business confidence. "JPMorgan had a positive read-across for trading results in the quarter," said KBW analyst Brian Kleinhanzl."We believe FICC trading should be a positive read-across to Goldman Sachs and Morgan Stanley."Bank stock investors appeared to zero in on JPMorgan and ignore Wells Fargo & Co, the other big bank that reported on Friday.