Stocks rise on upbeat JPMorgan, Intel, CSX results

NEW YORK (AP) — Upbeat earnings from JPMorgan Chase, Intel and CSX helped drive stocks higher Wednesday.

JPMorgan Chase & Co., the first big bank to report third-quarter results, said its profit jumped 23 percent as it was able to cut down on the amount of money it sets aside to cover bad loans. CEO Jamie Dimon said defaults remain high as customers struggle to repay debt, but he also said defaults on credit cards are likely to fall next quarter.

Chipmaker Intel Corp. beat forecasts on both income and revenue. More importantly, Intel’s results allayed concerns that the personal computer business would struggle during the second half of the year.

Results at railroad operator CSX Corp. also topped forecasts, an encouraging sign that at least parts of the economy are growing.

The Dow Jones industrial average rose 39.81, or 0.4 percent, to 11,060.21 in early morning trading.

The Standard & Poor’s 500 index rose 4.41, or 0.4 percent, to 1,174.18, while the Nasdaq composite index rose 12.75, or 0.5 percent, to 2,430.67.

CSX shares jumped $2.54, or 4.4 percent, to $59.80, while Intel rose 5 cents to $19.82. JPMorgan Chase shares dipped 12 cents to $40.28.