Financial stocks led the S&P 500 and the Dow industrials to record highs on Thursday after JPMorgan's strong quarterly results, while upbeat economic data cemented bets that the current rally on Wall Street can chug along.
JPMorgan, the biggest US bank by assets and the first among its peers to issue results this earnings season, reported a much better-than-expected rise in quarterly revenue.
The bank's shares rose 1.5 percent to USD 64.12, while the S&P financial index rose 0.89 percent. Support for stocks came also in the form of strong US economic data. Filings for unemployment benefits unexpectedly held steady near a 43-year low last week, while producer prices recorded their biggest gain in a year in June.
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JPMorgan, the biggest US bank by assets and the first among its peers to issue results this earnings season, reported a much better-than-expected rise in quarterly revenue. 
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