J.P. Morgan Chase posts earnings surge

Strong results from J.P. Morgan Chase kicked-off the third-quarter reporting season.

America's leading bank announced profits and revenues that topped forecasts on Wednesday.

Record revenues from some of its investment bank operations and a jump in consumer lending activity fueled results.

Average loans and deposits rose and so did credit-card spending, suggesting consumers are becoming more active.

And if they are, that bodes well for the overall economy, since consumer spending is responsible for roughly two-thirds of all U.S. economic activity.

The strength of the consumer prompted the bank to release more than $2 billion from the credit reserves it set aside to cover bad loans during the health crisis.

Profits saw a 24 percent jump compared to a year ago - but it wasn't all tied to the consumer.

The Wall Street bank also profited nicely from advisory fees tied to corporate dealing making and stock market debuts.

JPMorgan Chase is largely seen as a global economic bellwether given its size and exposure to vast sections of the economy.

CEO Jamie Dimon was upbeat about the economic outlook and said with the health crisis starting to ease, "we should all be thanking our lucky stars."

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