Stocks Opened Higher, Bank Earnings in Focus
-- Friday, October 12, 2018, 10:04 --
U.S. stocks opened higher on Friday, as big banks kicked off earnings season. The Dow Jones Industrial Average lately rose 339.80 points, or 1.36%, to 25,392.63. The S&P 500 gained 43.19 points, or 1.58%, to 2,771.56. The Nasdaq Composite jumped 164.62 points, or 2.25%, to 7,493.68.
Oil futures tipped higher Friday, as investors assess the next leg for volatile stock markets and rising crude supplies continue to drive trading. November West Texas Intermediate crude rose 51 cents, or 0.7%, at $71.48 a barrel. Brent crude for December delivery gained 34 cents, or 0.4%, at $80.60 a barrel.
JPMorgan Chase & Co. said Friday that third-quarter profit rose as the bank’s consumer business helped it overcome weaker trading. The bank reported a profit of $8.38 billion, or $2.34 a share.
Citigroup Inc. said Friday its third-quarter profit rose 12% from a year ago, as the company cut expenses and paid a lower tax bill amid flat revenue growth. Quarterly profit was $4.62 billion, up from $4.13 billion a year earlier.
Wells Fargo & Co. said its third-quarter profit rose as it continues to cut costs and boost its businesses while trying to move past its regulatory problems.The bank reported a profit of $6 billion, or $1.13 a share.
PNC Financial Services Group Inc. reported third-quarter earnings of $1.39 billion, up 25% from the comparable quarter a year ago. Earnings per share were $2.82, compared to $2.16.