Reuters Videos
STORY: Major U.S. banks kicked off third-quarter earnings season with a bang on Friday with JPMorgan Chase, the biggest of the bunch, reporting higher-than-expected profit.The lender also raised its annual forecast for net interest income - the difference between what it earns on loans and pays out for deposits.Shares of JPMorgan Chase rose as much as 5%.Wells Fargo shares jumped 6% after its profit also beat analysts' expectations as it set aside less money than expected to cover potential loan losses.And although Wells Fargo forecast its net interest income would drop by 9% this year, the bank's CFO predicted that number would stabilize after the Federal Reserve delivers more rate cuts.And shares of BlackRock gained about 3% after the world's largest money manager reported its assets under management had hit a record high for the third straight quarter.Other financial stocks rose broadly, with the S&P Financials index climbing to a record high and the S&P Banks index rising 4.5% to hit its highest level since February of 2022.