Upbeat results across three bellwether sectors reassured investors about the economy and drove stocks higher on Wednesday.
Among the positive news included better-than-expected third-quarter results from the banking giant JPMorgan Chase. In addition, strong results from the railroad company CSX and the chip maker Intel helped promote buying.
Earnings are the “overriding issue right now,” said Quincy Krosby, the market strategist for Prudential Financial. “The earnings, the guidance is more important than whether the Fed cavalry is getting ready. That has the higher priority at this point.”
The Dow Jones industrial average rose 75.68 points, or 0.69 percent, to 11,096.08. The broader Standard & Poor’s 500-stock index was up 8.33 points, or 0.71 percent, at 1,178.10, while the Nasdaq composite index rose 23.31 points, or 0.96 percent, to 2,441.23.
JPMorgan, the first major bank to report, offered results that topped forecasts partly because of improvements in its credit card business. Its third-quarter income rose 23 percent, to $4.42 billion, but revenue fell 15 percent, to $24.3 billion.
Shares of JPMorgan, however, wavered throughout the day, and closed down 56 cents at $39.84. Other banks were also mixed, with Citigroup closing up 1 cent, to $4.25 in high volumes and Wells Fargo down 17 cents, to $25.81. Bank of America declined 23 cents, to $13.29.
Jake Dollarhide, chief executive of Longbow Asset Management, said JPMorgan had set the tone for the banking sector, for now. “The market was nervous it might not knock the ball out of the park,” he said faxless payday advance. “I think some financials still have a long way to go.”
He said that the recent earnings would probably salvage some of the forward momentum of the market rally of September.
“We could have a strong end of the year market run,” he said.
Intel said on Tuesday after the markets closed that revenue had topped forecasts and it offered some cautious optimism in its outlook.
Intel slipped 53 cents, to $19.24, but other bellwether technology companies rose. Yahoo was up 82 cents, to $15.25. Shares of Apple were up $1.60, to $300.14, the first time the company’s stock has closed above $300.
In addition, CSX announced record third-quarter income of $414 million, or $1.08 a share, up from $290 million, or 73 cents a share. The chief executive, Michael J. Ward, attributed the results to an improving economy, which the company expects to translate into greater investment and hiring.
CSX rose $2.40, to $59.66. A rival railroad, Union Pacific, rose $3.36, to $86.82, and Norfolk Southern rose $2.48, to $62.21.
Materials and energy sectors in the broader market gained more than 1 percent.
The Treasury’s 10-year note rose 3/32, to 101 25/32. The yield fell to 2.42 percent, from 2.43 percent late Tuesday. Earlier in the day, bond prices declined as investors moved back into stocks.
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