NEW YORK — U.S. stocks climbed again Wednesday as quarterly results from JPMorgan Chase gave banks a big lift. Economic news from China powered industrial and technology companies in the U.S. and stock exchanges overseas.
JPMorgan Chase, the largest bank in the U.S., led a rally in financial stocks after its first-quarter results came in better than analysts expected. Railroad operators and auto parts suppliers also gained ground, while makers of consumer goods struggled.
Gains over the past two days have brought stocks to their highest levels of 2016.
Julian Emanuel, U.S. equities and derivatives strategist for UBS, said it didn’t take much to send banks, the worst-performing sector in the market this year, higher.
“Bank stocks have been so beaten up that any good news, either on better credit conditions driven by higher energy prices or news on cost-cutting, is likely to underpin those stocks,” he said.
The Dow Jones industrial average jumped 187.03 points, or 1.06 percent, to 17,908.28. The Standard & Poor’s 500 index rose 20.70 points, or 1 percent, to 2,082.42. The Nasdaq composite index advanced 75.33 points, or 1.6 percent, to 4,947.42.
JPMorgan’s profit and revenue were bigger than analysts expected, and the stock rose $2.51, or 4.2 percent, to $61.79. Bank of America picked up 52 cents, or 3.9 percent, to $13.79, and Wells Fargo rose $1.26, or 2.6 percent, to $49.03. Citigroup jumped $2.35, or 5.6 percent, to $44.25.
Industrial stocks and tech stocks rose on reports that exports from China grew 11.5 percent in March compared with a year earlier. That was the first annual gain since June, and it’s a sign of life from China’s slowing economy.
U.S. crude slipped 41 cents, or 1 percent, to $41.76 a barrel in New York. Brent crude, the benchmark for international oil pricing, fell 51 cents, or 1.1 percent, to $44.18 a barrel in London.
