Stocks rise as Goldman Sachs, energy lead

JPMorgan CEO Jamie Dimon sees ‘rapidly improving economy’

U.S. stocks opened modestly higher across the board as JPMorgan and Goldman Sachs both posted better-than-expected earnings.

The Dow Jones Industrial Average rose over 100 points or 0.45% while the S&P 500 and Nasdaq Composite tilted higher. 

The nation’s largest bank, in a sign the U.S. economy is improving, released $5.2 billion of reserves during the quarter, decreasing the size of its buffer to $26 billion. 

This as the lender earned $14.3 billion, or $4.50 per share, as revenue rose 14% year over year to $33.12 billion.  Wall Street analysts surveyed by Refintiv were expecting JPMorgan to earn $3.10 per share on revenue of $30.52 billion.  

CEO Jamie Dimon noted the quarter reflects a “strong underlying performance across our businesses, partially driven by a rapidly improving economy…”