Stocks of the big four banks closed up Friday after JPMorgan Chase (JPM) reported a 47% increase in earnings in the fourth quarter earlier in the day. The bank earned $3.28 billion during the quarter and $17.3 billion for the entire year, also a 48% increase from 2009. Institutional Risk Analytics even moved its view of JPMorgan Chase stock to “neutral” from “negative” on the news. Chase’s stock increased 46 cents Friday, or 1.03%. Citigroup (C) saw its shares climb 9 cents or 1.79%. It will report its earnings Tuesday. Bank of America (BAC) ended the day up 46 cents, a 1.03% increase. It is set to report its earnings on Jan. 21. Wells Fargo (WFC) shares increased 86 cents or 2.7%. Its earnings are due out Wednesday. Investment banks, too, reaped rewards Friday. Goldman Sachs (GS) stock increased $3.43 a share or 2%. Morgan Stanley (MS) grew 68 cents or 2.4%. Shares of BlackRock (BLK) also rose, tacking on $3.25 a share, or 1.66% for the day. Larger dividends on Wall Street might have to involve a government approval, but as the banks continue to heal their balance sheets, economists believe lending will increase in 2011. Write to Jon Prior. Follow him on Twitter: @JonAPrior
Bank stocks uptick after JPMorgan earnings
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