US stocks higher on JP Morgan earnings
(Close): US shares closed higher on Wednesday as a better-than expected earnings report from JP Morgan lifted bank stocks.
The Dow Jones Industrial Average rose 187.03 points to 17,908.28.
Shares in JP Morgan climbed 4.2%, despite reporting a first quarter drop in profit to $5.52bn from $5.91bn a year earlier.
Cable and wireless company Verizon fell 1.3% after 40,000 workers walked off the job. Verizon and labour unions have failed to reach a deal for a new contract and the strikes attracted the attention of presidential candidates.
Investors mostly ignored lacklustre US data suggesting the economy had stumbled in the first quarter.
US retail sales fell 0.3% in March as households cut back on purchases of cars and spending in restaurants, the Commerce Department said.
In a separate report, the Labor Department said its producer price index slipped 0.1% last month after dropping 0.2% in February.