Stocks opened higher on Wednesday after JPMorgan Chase's earnings beat expectations and spurred bets that other banks' results will be strong.

Shares of JPMorgan, a Dow component, rose 1.4 percent to $47.28.

The Dow Jones industrial average <.DJI> was up 68.64 points, or 0.56 percent, at 12,332.22. The Standard & Poor's 500 Index <.SPX> was up 6.87 points, or 0.52 percent, at 1,321.03. The Nasdaq Composite Index <.IXIC> was up 19.99 points, or 0.73 percent, at 2,764.78.

(Reporting by Ryan Vlastelica; Editing by Kenneth Barry)