US stocks rising as J P Morgan Chase profits impress

J P Morgan Chase was the first big bank to report first-quarter results.

U.S. Stocks are rising at the opening of trading after J P Morgan Chase & Co.’s earnings beat expectations and a report showed shoppers spent more for the ninth straight month.

J P Morgan Chase on Wednesday was the first big bank to report first-quarter results. Net income jumped 67 percent to $5.56 billion,or $1.28 per share. Analysts expected just $1.15 in earnings per share.

Retail sales rose 0.4 percent in March from February,the ninth consecutive gain. Much of the increase went to higher gasoline costs.

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The Dow Jones industrial average is up 53 points,or 0.4 percent,to 12,317. The S&P 500 is up 5,or 0.4 percent,to 1,320. The Nasdaq composite is up 17,or 0.6 percent,to 2,761.

Stocks are edging higher after the government reported that retail sales rose for the ninth month in a row.

Retail sales rose 0.4 percent overall in March,though spending at gas stations accounted for most of the gains.

J P Morgan’s income rose 67 percent last quarter thanks to bigger fees from investment banking and smaller losses from credit card accounts. Its mortgage business remained weak,however,and the stock dipped slightly.

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The Dow Jones industrial average is up 8 points,or 0.1 percent,to 12,272 in midday trading. The broader S&P 500 is essentially flat at 1,314. The Nasdaq composite is up 14,or 0.5 percent,to 2,759.