News Summary: JPMorgan Chase launches market rally
News Summary: Dow jumps 204 points to snap six-day losing streak
JPMORGAN'S RALLY: JPMorgan Chase bank earned $5 billion in the most recent quarter, easily beating Wall Street's forecasts, even as it took a deeper loss from a complex trade that went wrong. Relieved investors drove up bank stocks, ended a six-day losing streak for the market and sent the Dow Jones industrial average up 204 points.
HALO EFFECT: JPMorgan's underwriting business also fared better than many expected. That rubbed off on the investment banks Goldman Sachs and Morgan Stanley, driving both up more than 3 percent.
BROAD-BASED: The rally swept across the stock market. Five stocks rose for every one that fell on the New York Stock Exchange, and all 10 industry groups within the S&P 500 rose, led by financial firms.
