Stocks rallied to new highs of the year on Wednesday.
Near 2:56 p.m. ET, the Dow was up 168 points, the S&P 500 was up 17 points, and the Nasdaq was up 60 points.
JP Morgan shares rose by as much as 4% after the company reported earnings that topped expectations, setting the bar high for the rest of the banks as they report in the coming days.
In economic data out today, retail sales unexpectedly fell 0.3% in March, partly dragged down by weak auto sales. Excluding autos, sales rose 0.4%.
Producer prices also missed estimates, with PPI for final demand rising 0.1% month-on-month.
West Texas Intermediate crude futures in New York fell about 1.5% to $41.45. It touched a year-to-date high of $42.25 on Monday after reports that Saudi Arabia and Russia had agreed to freeze production.
The Bank of Canada left its key interest rate unchanged at 0.5%, as expected.
The Fed's Beige Book of anecdotes about the economy said manufacturing and inflation showed signs of growth, and wages increased in all districts except one.
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