A trading boom at J.P. Morgan Chase helped to offset the downside effects of thousands of businesses closing for good and tens of thousands of Americans out-of-work.
Third-quarter results released Tuesday at the largest U.S. bank easily beat analysts expectations.
Profits at J.P. Morgan were also boosted by the bank setting aside fewer dollars to cover potential bad loans.
The biggest lender in the U.S. set aside just $611 million for a rainy day fund, a huge drop from the $10.5 billion put away in the prior quarter.
Investors are taking that as a sign that J.P. Morgan believes it has already experienced the worst of the economic slump.
Quarterly results from the Wall Street titan kicked-off an earnings season where estimates compiled by I/B/E/S for Refintiv predicts profits for companies in the S&P 500 dropped nearly 21 percent, but with J.P. Morgan topping estimates, investors hope the earnings season won't be as dire as feared.