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What JPMorgan signals about the stock market for now

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JPM posts 'good, solid quarter': Analyst

JPMorgan Chase's solid second-quarter earnings beat may signal improved health for beaten-down financials and send stocks further into record territory in the near term.

"This is extremely bullish. This is the one sector we needed to support the market," said Marc Chaikin, CEO of Chaikin Analytics. With the bank's earnings report, he expects the to rise as high as 2,200 or 2,250.

The financials sector was down more than 2 percent for the year as of Wednesday's close, the only S&P 500 major industry sector in the red. Analysts had generally lowered expectations for bank earnings this quarter as low global growth, the Brexit vote and central bank easing was likely to pressure profit margins.