JP Morgan Chase set Wall Street ablaze Wednesday the financial giant posted its biggest profits since the recession two years ago as the Dow Jones Industrial Average close over 10,000 at 10005.86. The market closed up 144.86 or 1.47%. JP Morgan Chase 3rd quarter profits rose $3.6 billion beat analyst exceptions.
The market was also buoyed the strong retail sales report and by computer chip maker Inter who’s quarterly report released after the closing bell on Tuesday.
The news come as the economy is till struggling and the market is exploding.
“Wall Street is picking up quite smartly, while Main Street continues to suffer,” said Bart Narter at Celent, a research and consulting group. “Rising unemployment and declining house prices will cause continuing pain on Main Street and the banks that serve it.”
For JP Morgan, it investment division brought more the half the profits due to it’s fix income and trading divisions.
The market will be focusing on Morgan Stanley and Goldman Sachs earning will be released later this week.