Stock Markets Rally On JP Morgan Results
15 April 2010 / by Rebecca Sargent
Markets across the world rallied yesterday and this morning following positive results from financial services provider JP Morgan Chase.
The results were better than expected, as the Wall Street firm reported first quarter profits equal to £2.1billion ($3.3billion).
The news prompted the FTSE 100 to close at a high of 5,796.25 and it has continued to rise this morning. Meanwhile, the Dow Jones Industrial Average broke through the 11,000 mark.
UK banking shares also received a boost as Barclays shares have risen by more than two per cent so far this morning, and Lloyds Banking Group by almost one per cent.
Commenting on the results and the economic recovery, Jamie Dimon, chairman and chief executive officer at JP Morgan Chase said: “While the economy still faces challenges, there have been clear and broad-based improvements in underlying trends.
“We believe these improvements will continue and are hopeful they will gather momentum, resulting in a strong recovery. Regardless of the economic trends, our company continues to invest for the future, building a better franchise for our clients and customers.”
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