US stocks jump as JPMorgan gives banks a big boost
By MARLEY JAY, Associated Press
Apr 13, 2016 3:09 PM CDT
FILE - In this July 6, 2015 file photo, American flags fly at the New York Stock Exchange on Wall Street. Global stocks logged solid gains Wednesday, April 13, 2016, after the first rise in nine months in Chinese exports suggested an improving outlook for the world's second largest economy. (AP Photo/Mark...   (Associated Press)

NEW YORK (AP) — U.S. stocks closed higher, led by gains in banks after JPMorgan Chase turned in results that weren't as bad as analysts anticipated.

JPMorgan rose 4 percent Wednesday. Profits and revenue for the giant bank both fell in the first quarter, but not as much as forecast.

Other banks also rose. Bank of America jumped 4 percent and Wells Fargo climbed 3 percent.

Banks are still the worst-performing sector in the market this year. Investors worry that low interest rates and defaults from energy companies will hurt results at U.S. lenders.

The Dow Jones industrial average increased 187 points, or 1.1 percent, to 17,908.

The Standard & Poor's 500 index added 20 points, or 1 percent, to 2,082. The Nasdaq composite rose 75 points, or 1.6 percent, to 4,947.