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Bank stocks follow JPMorgan higher

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Bank stocks rose broadly on Wednesday after JPMorgan Chase reported better-than-expected quarterly results.

Shares of Goldman Sachs, Citigroup, Wells Fargo, Morgan Stanley and Bank of America all rose more than 2.5 percent, while JPMorgan saw its stock gain over 4 percent.

The Dow component said first-quarter earnings per share came in at $1.35, while revenue totaled $24.08 billion. Analysts had expected JPMorgan to report earnings of about $1.26 a share on $23.39 billion in revenue, according to a consensus estimate from Thomson Reuters.

Jamie Dimon, chief executive officer of JPMorgan Chase, in 2015.
JPMorgan earnings beat expectations

Still, these totals mark a 6.7 percent year-over-year fall in EPS and a 3 percent drop in revenue.

2016 has not been a kind to bank stocks thus far. The SPDR S&P Bank ETF (KBE) has fallen more than 6 percent this year.

KBE year to date

Source: FactSet