(CNBC) Stocks rose on Friday after a slew of positive corporate news that included strong bank earnings and Disney unveiling a new streaming service.
The Dow Jones Industrial Average surged 269.25 points. Gains in the financials and materials sectors pushed the S&P 500 0.66% higher. The benchmark broke above the key 2,900 level for the first time in six months and stood at less than 1% from a record high. It’s also the third consecutive weekly gain for the S&P 500. The Nasdaq Composite advanced 0.46%.
J.P. Morgan Chase kicked off the corporate earnings season on Friday by reporting better-than-expected results. The company said “impact of higher rates ” boosted its results, along with its fixed-income trading revenues. Wall Street cheered J.P. Morgan’s report, sending the stock up 4.7%.
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