JPMorgan to the Rescue: Dow Jumps 187 Points, S&P 500 Hits Highest Close Since December

Nearly 100 years ago, J.P. Morgan , the man, would end panics in the market by lending his own money and forcing other bankers to do the same. Today, JPMorgan Chase , ( JPM ) the company, helped push the market higher after its earnings weren't nearly as bad as feared . The S&P 500 advanced 1% to 2,082.42, its highest close in more than four months while the Dow Jones Industrial Average rose 187.03 points, or 1.1%, to 17,908.28, its highest close in more than five months. The Nasdaq Composite rose 1.5% to 4,947.42, its highest close of 2016. Credit today's rally to JPMorgan Chase, which handily beat earnings and revenue forecasts . That helped lift its own stock 4.2%, but also boosted the shares of other banks--- Citigroup ( C ) surged 5.7% to $44.27, while Bank of America ( BAC ) jumped 3.7% to $13.76--in anticipation of their own earnings beats. "The outlook for financials was quite poor," says State Street Global Advisors' Michael Arone . "Earnings from JPMorgan generated a healthy sigh of relief." Wells Fargo's Sean Lynch isn't sure the earnings boost for financials will last: