Wall Street soars on upbeat earnings from Intel, JPMorgan

Wall Street surged in early trading Wednesday after surprisingly strong earnings reports from Intel Corp. and JPMorgan Chase & Co.

JPMorgan Chase, the first major bank to report third-quarter earnings and the second-largest U.S. bank by assets, said profit in the third quarter soared to 3.59 billion U.S. dollars, almost sevenfold and beating analysts? estimates, as fixed-income revenue surged. However, the bank said loan losses are still high and are likely to remain elevated for some time.

Intel, the world's largest computer-chip maker, reported a smaller-than-expected decline in profit and sales after Tuesday's closing bell, also topping analysts' estimates. And the company forecast sales that surpassed projections by as much as 1 billion dollars. The reports added to evidence that the global economy is recovering from the severe recession.

The Dow Jones rose 84.34 to 9,955.40. Broader indexes also went sharply higher. The Standard & Poor's 500 index added 11.27 to 1,084.46 and the Nasdaq climbed 22.75 to 2,162.65.

Related terms: computer, earnings, economy, index, profit, recession, revenue, sales