Profits rise at JP Morgan and Wells Fargo

<p>JP Morgan and Wells Fargo have both posted a rise in profits.</p>

Increasing profit data has been confirmed by both JP Morgan and Wells Fargo today.

JP Morgan announced that it has recorded a profit of $6.5 billion (£4.3 billion) for the second quarter of 2013, a rise of 31 per cent on the same period last year.

Wells Fargo stated that its quarterly profits had grown by 20 per cent, with less money for bad loans having been set aside.

Speaking to BBC News, Larry McDonald, senior director at Newedge USA, explained banks might be concerned about "near record surges in currency and interest rate volatility" at the present time.

JP Morgan's chairman and chief executive Jamie Dimon stated that the results showed a "strong performance across our businesses".

It was also pointed out by Mr Dimon that the US economy was showing "broad-based signs" of recovery.

Yesterday, Dow Jones Industrial Average rose by more than one per cent to end the day at a new record high of 15,460.92, while the broader S&P 500 added 1.3 per cent to also reach a fresh peak.

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