US stock rise after strong JP Morgan earnings


Mumbai: Strong earnings from JPMorgan Chase boosted US stocks in opening trade Thursday as equity markets shrugged off the Bank of England's decision not to cut interest rates. Dow member JPMorgan Chase jumped 2.1 percent after second quarter earnings and revenues topped expectations. 

Executives described US growth as solid and said it was too soon to know how the British vote to leave the European Union would affect its operations. Five minutes into trade, the Dow Jones Industrial Average was at 18,502.10, up 0.7 percent.

The broad-based S&P 500 climbed 0.6 percent to 2,165.49, while the tech-rich Nasdaq Composite Index advanced 0.6 percent to 5,036.89. Both the Dow and S&P 500 closed at records Wednesday.