Earnings reports boost Wall Street

Wall Street rallied Wednesday after better-than-expected quarterly results from JPMorgan Chase and two other Dow Jones industrials raised investors’ hopes that companies and the economy are indeed recovering from the protracted global credit crisis. The Dow rose more than 250 points as investors shrugged off any concerns about oil passing $115 a barrel for the first time.

A market anxious about corporate earnings and their effect on the economy was relieved after JPMorgan Chase & Co., Coca-Cola Co. and Intel Corp. all topped first-quarter projections. The three companies were among dozens posting quarterly results Wednesday.

The battered financial sector advanced after JPMorgan beat analysts’ expectations despite a 50 percent drop in quarterly profit. The nation’s third-biggest bank, which is in the process of acquiring ailing Bear Stearns Cos., reported $2.6 billion of write-downs tied to its loan portfolio.

Investors have been growing more confident in recent weeks that the Federal Reserve’s efforts to boost the economy and the troubled credit markets are working. Wednesday’s earnings reports bolstered that sentiment.

Along with earnings results, Wall Street weighed sluggish economic reports on inflation and housing that were mostly within expectations.

The Dow rose 256.80, or 2.08 percent, to 12,619.27. The index is up nearly 900 points from a low near 11,740, reached March 10.

Overseas, Japan’s Nikkei stock average rose 1.20 percent. Britain’s FTSE 100 rose 2.36 percent, Germany’s DAX index was up 1.79 percent, and France’s CAC-40 added 1.56 percent.