U.S. stocks traded higher on Friday, as the market was boosted by a decent start of the first-quarter earnings season, with JP Morgan Chase's ebullient report, and by a massive acquisition deal in the energy sector.
At midday, the Dow Jones Industrial Average rose 199.52 points, or 0.76 percent, to 26,342.57. The S&P 500 was up 12.47 points, or 0.43 percent, to 2,900.79. The Nasdaq Composite Index increased 19.14 points, or 0.24 percent, to 7,966.50.
Shares of JP Morgan Chase rose over 4.9 percent, after the U.S. banking heavyweight reported stronger-than-expected earnings for the first quarter, driven by higher interest rates.
"Even amid some global geopolitical uncertainty, the U.S. economy continues to grow, employment and wages are going up, inflation is moderate, financial markets are healthy and consumer and business confidence remains strong," JP Morgan Chase CEO Jamie Dimon said in a statement.
Shares of Anadarko Petroleum surged over 33 percent, after U.S. energy giant Chevron announced plans to acquire the Texas-based petroleum magnate in a cash and stock deal valued at 33 billion U.S. dollars.
The deal marks the 11th biggest ever for an energy and power company, according to Refinitiv, and will help expand Chevron's business in U.S. shale oil and gas production.
Eight of the 11 primary S&P 500 sectors traded higher around Friday's opening, with the financials sector up around 1.46 percent, leading the winners.
On the economic front, U.S. import prices rose 0.6 percent in March, and 1.7 percent in the first three months of 2019, the Labor Department said Friday. Both the March and February advances were driven by higher fuel prices.
The increase for the three months ended in March was the largest three-month rise since the period between October 2017 and January 2018.
Prices for U.S. exports rose 0.7 percent for the second consecutive month in March. Both agricultural and nonagricultural prices contributed to the increase.
Editor:Cherie
