U.S. stocks edged up on Friday, as the Dow and S&P 500 closed at record highs after better-than-expected second-quarter earnings reports from JPMorgan Chase & Co (NYSE: JPM) and Wells Fargo & Co. (NYSE: WFC).
Alexander C. Kaufman, a reporter covering the global flow of money at the International Business Times, discusses JPMorgan topping forecasts and what this means for the future of JPMorgan Chairman & CEO Jamie Dimon.
Dimon appeared on CNBC's "Squawk on the Street" on Friday after the company’s highly anticipated earnings report was released to speak about earnings, economic outlook and the impact of regulations.
J.P. Morgan Chase & Co. (NYSE: JPM) second-quarter earnings rose 31 percent as the company reported net income of $6.5 billion, or $1.60 a share, versus $4.96 billion, or $1.21 a share, a year earlier. Revenue increased 13 percent to $26 billion, beating the estimates of analysts polled by Thomson Reuters.
The Dow Jones industrial average rose 3.38 points, or 0.02 percent, to close at 15464.30. The S&P 500 Index added 5.17 points, or 0.31 percent, to finish at 1,680.19. The Nasdaq Composite Index gained 21.78 points, or 0.61 percent, to close at 3,600.08.
For the week, the Dow soared 2.17 percent, the S&P 500 jumped 2.96 percent, and the Nasdaq surged 3.47 percent.