Banks lead stocks higher, led by JPMorgan Chase

NEW YORK (AP) — JPMorgan Chase & Co. and other banks are leading stocks slightly higher in midday trading.

JPMorgan’s income soared 47 percent in the fourth quarter as the bank set aside less money to cover bad loans. The stock jumped 2.6 percent. Citigroup Inc., Wells Fargo & Co. and Bank of America Corp. all rose 2 percent today on hopes that banks would be able to start raising their dividends.

Consumer prices rose in December, but not enough to raise worries about inflation. Retail sales rose for a sixth straight month.

The Dow Jones industrial average is up 19 points, or 0.2 percent, to 11,751. The S&P 500 is up 3, or 0.2 percent, to 1,287. The Nasdaq is up 7, or 0.2 percent, to 2,742.