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JPMorgan Chase launches a stock market rally

July 14, 2012 • Business


FILE- In a Tuesday, July 10, 2012, file photo, traders work at the start of early trading at the New York Stock Exchange. U.S. stocks slid for a sixth day Thursday, July 12, 2012, as concern spread that weaker global economic growth and the European debt crisis will hurt U.S. corporate earnings. (AP Photo/Bebeto Matthews, File)

NEW YORK (AP) — JPMorgan Chase blew away a cloud of concern hanging over the banking industry Friday and set off a rally in stocks. Relieved investors drove up bank stocks, ended a six-day losing streak for the market and sent the Dow Jones industrial average up 204 points, the best day this month.

JPMorgan jumped 6 percent, the biggest gain in the Dow by far. The country’s largest bank earned $5 billion in the most recent quarter, easily beating Wall Street’s forecasts, even as it took a deeper loss from a complex trade that went wrong. The results brightened the outlook for other major banks. If JPMorgan could sustain such a hard Login to read more

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