JPMorgan Chase’s stock surges toward biggest 1-day, post-earnings gain in 15 years

JPMorgan Chase & Co.’s stock
JPM,
+6.97%
jumped 7.1% in midday trading, enough to pace the S&P 500’s
SPX,
-0.74%
advancers, after the banking giant reported blowout first-quarter results. The stock was headed for the biggest one-day gain since to soared 13.5% on Nov. 9, 2020, and was also on track for the biggest one-day post-earnings gain since it jumped 13.5% on July 17, 2008, after the bank reported second-quarter 2008 results. The stock was also on course to close above the widely followed 50-day moving average, which many on Wall Street use to track the short-term trend, for the first time since March 6. 2023. The stock has tacked on 3.0% year to date, while the Financial Select Sector SPDR exchange-traded fund
XLF,
+0.57%
has lost 4.0% and the Dow Jones Industrial Average
DJIA,
-0.82%
has tacked on 2.0%.