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Bank of America Corp posted a quarterly profit that topped Wall Street forecasts, but the largest U.S. bank warned of a fresh surge in troubled loans from credit card, mortgage and business customers due to the weak economy.

Investors were looking to Bank of America and Citigroup for a fresh dose of earnings optimism on Friday, after strong reports from JPMorgan Chase and IBM raised hopes for a global recovery.

JPMorgan Chase & Co said record investment banking and trading results drove quarterly profit 36 percent higher, topping Wall Street forecasts, but reported a surge in consumer credit losses that foreshadows deeper problems on Main Street.

U.S. stocks rose on Thursday, as investors anticipated another round of strong corporate earnings, sending technology shares higher ahead of quarterly results from IBM.

Former U.S. Treasury Secretary Henry Paulson said on Thursday before lawmakers that he saw no evidence of any illegal actions as he testified on Capitol Hill over the government's role in Bank of America, Merrill Lynch merger. In prepared remarks submitted to the panel, he says he acted appropriately in December when Charlotte-based BofA threatened to back out of the deal.

Stocks opened lower on Thursday as investors turned cautious following a jump in quarterly profit at JPMorgan Chase & Co and a steep fall in jobless claims, a day after Wall Street tallied its biggest three-day gain since March.

JPMorgan Chase & Co posted a higher quarterly profit on Thursday, topping Wall Street estimates, as strength in its core consumer and investment banking businesses offset a jump in credit losses.

JPMorgan Chase & Co said record investment banking fees helped drive a 36 percent rise in quarterly profit, topping Wall Street forecasts, but warned that credit quality in consumer mortgages and credit cards is deteriorating faster than it expected.

Jobless claims, JPMorgan results Paulson on the Hill, Earnings continue

JPMorgan Chase & Co said investment banking and trading drove a larger-than-expected 36 percent jump in quarterly profit despite a surge in credit card and loan losses that could worsen.

JPMorgan Chase & Co

JPMorgan Chase & Co

JPMorgan Chase & Co posted a higher quarterly profit on Thursday, topping Wall Street estimates, as strength in its core consumer and investment banking businesses offset a jump in credit losses.

JPMorgan Chase & Co

U.S. stock index futures pointed to a lower start on Wall Street Thursday, ahead of second-quarter numbers from JPMorgan, Google and IBM.

U.S. stocks jumped on Wednesday with the S&P 500 racking up its three best days since March, sparked by results from bellwether Intel Corp that lifted hopes for a rebound in technology spending and improved corporate profitability.

U.S. stocks racked up strong gains on Wednesday, sparked by results from bellwether Intel Corp that lifted hopes for a rebound in technology spending and improved corporate profitability.

Two of the biggest U.S. credit card companies, Capital One Financial Corp and Discover Financial Services , reported lower-than-expected defaults and delinquencies in June, sending their shares sharply higher.

A U.S. judge refused on Tuesday to dismiss an insider-trading charge against former Bear Stearns hedge fund manager Ralph Cioffi, court documents showed.

U.S. stocks were set to open higher on Monday after influential bank analyst Meredith Whitney upgraded Goldman Sachs Group shares and gave bullish comments on financial stocks, sparking hopes corporate quarterly results may be surprisingly strong.

Financial difficulties at commercial lender CIT Group Inc could hurt small businesses that depend on credit to fund their growth and operations, though many of CIT's units serve an important function and are unlikely to disappear if the company restructures in bankruptcy court.

Obama administration officials outlined comprehensive proposals to rein in the free-wheeling market in financial derivatives on Friday, which has been blamed for helping to create the global economic crisis, and proposed stronger investor protections.

Bank of America Corp and JPMorgan Chase & Co are switching some customers who have fixed-rate credit cards to potentially higher variable rates, acting before a new law takes effect that limits what card issuers can charge.

MSC Software Corp, a simulation and software services company, has agreed to a $360 million buyout by private equity firm Symphony Technology Group and private investment firm Elliott Management Corp.

California IOU recipients can turn to credit unions and check-cashing storefronts if a state budget deal does not appear by Friday and if three major banks refuse to accepting the notes beyond Friday as planned, analysts said on Tuesday.

Bank of America Corp has promoted two senior mergers and acquisitions bankers as it reorganizes following its acquisition of Merrill Lynch & Co and looks to benefit from a possible pickup in deal flow.

The Chinese government has hired three banks to handle the public listing of a railway holding company, a source familiar with the matter said on Thursday, in an IPO that could be worth around $5 billion.

India's Tata Steel, the world's sixth-largest steel maker, plans to sell global depositary receipts worth about $600 million, two sources with direct knowledge of the deal said on Thursday.

Too many regulators will only increase costs and reduce credit opportunities for consumers, JPMorgan Chase & Co Chief Executive Jamie Dimon warned in a column he wrote in Saturday's Wall Street Journal.