Promoting broad based, the financial stocks, U.S. stocks continued to climb on Friday afternoon. JP Morgan Chase Bank's positive and optimistic earnings expectations, boosted investor confidence in the financial sector.
EST at 13:53 on January 14, the Dow Jones industrial average rose 32.58 points to 11,764.48 points, or 0.28%; the Nasdaq composite index rose 9.63 points to 2,744.92 points, or 0.35%; the S & P 500 Index rose 5.34 points to 1,289.10 points, or 0.42%.
The Dow banking giant JP Morgan Chase (JPM) rose 2.3%. The company announced fourth-quarter profit rose 47%, exceeding analyst expectations, and expected future revenue growth, loan loss reserves substantially reduced.
Optimistic expectations by JP Morgan Chase Bank to promote the financial sector generally higher. PNC Financial Services Group (PNC) rose 4.1%, Morgan Stanley (MS) rose 2.8%, Wells Fargo (WFC) rose 1.9%.
Intel (INTC) fell 0.9%. The company late Thursday reported that strong demand for server substandard goods, the fourth-quarter profit surged 48%. But in view of the PC market weakness, some analysts fear Intel's ability to maintain strong growth performance.