Paris, April 12: Stock markets on both sides of the Atlantic pushed higher on Friday after two major US banks reported earnings ahead of analysts' expectations.
A surprise performance by JP Morgan and Wells Fargo boosted the mood of investors who were also happy to have emerged largely unscathed from a week full of potential pitfalls, especially on Brexit.
Wrongfooting financial sector watchers who had warned of a “not that great” earnings season for banks, JP Morgan reported higher first-quarter profits Friday, pointing to a still-solid US economy reflected in more lending and better profit margins on loans.
Wells Fargo also did better than the market consensus.
Shares in both banks gained and the DJIA index, of which JP Morgan is a member, was about 0.7 percent higher in the late New York morning.