US benchmark equity indexes were on track to close higher Friday, buoyed in part by post-earnings rallies in JPMorgan Chase and Wells Fargo shares. The Dow Jones Industrial Average was up 1% at 42,889.2, while the S&P 500 rose 0.7% to 5,821.6. The Nasdaq Composite increased 0.5% to 18,363.5. Among sectors, financials led the gainers.
Only consumer discretionary was declining. JPMorgan shares jumped after the banking giant's Q3 earnings unexpectedly rose year over year, while revenue topped market estimates, buoyed by gains in its investment banking operations. Wells Fargo's Q3 results declined on a yearly basis, but earnings topped market estimates as trading gains and investment banking fees helped drive noninterest income higher.
The US two-year yield fell 5.4 basis points to 3.95%, while the 10-year rate was down 1.1 basis points at 4.08%. West Texas Intermediate crude oil dropped 0.5% to $75.5 a barrel..