Stock Market Jumps at the Open, Trades at Multiweek High as Bank Earnings Bolster Sentiment
U.S. stock benchmarks were trading around the highest levels in about three weeks on Friday, with anxieties surrounding trade and other government policies taking a back seat to upbeat bank earnings to unofficially kick off the first-quarter earnings season. The Dow Jones Industrial Average DJIA, was up 145 points, or 0.6% at 24,638. The broad-market S&P 500 index SPX, climbed 0.6% at 2,679, while the Nasdaq Composite Index COMP advanced 0.6% at 7,180. The Dow and the S&P 500 were trading around their highest levels since March 21. As of Thursday, the Dow and S&P 500 were each headed for weekly gains of 2.3%, while the Nasdaq is up 3.3%. Buying sentiment was fueled by earnings from JPMorgan Chase & Co. JPM, which reported first-quarter earnings and revenue that topped Wall Street estimates. Meanwhile, Citigroup Inc. C, also reported earnings that topped consensus forecasts, and revenue that was in line with expectations.