US stocks closed higher, recording gains for the second week in a row, on Friday, as shares of JPMorgan Chase and other banks rose after announcing their results for the fourth quarter, at the start of the corporate earnings season.
The stocks of financial institutions were among the largest sectors supporting the index.
JPMorgan Chase & Co and Bank of America reported quarterly earnings that beat expectations, while results from Wells Fargo & Co and Citigroup came in below expectations. But the shares of all four banks rose, as well as the banking sector index on the Standard & Poor’s 500.
According to preliminary data, the Standard & Poor’s 500 index closed up 15.54 points, or 0.39 percent, at 3,998.71 points, while the Nasdaq Composite rose 77.99 points, or 0.71 percent, to 11,079.09 points. The industrial index rose 109.61 points, or 0.32 percent, to close at 34,299.58 points.
