U.S. stocks were rising as investors weigh bank earnings and retail sales

U.S. stocks were up after JPMorgan Chase (NYSE:JPM) reported record revenue to start the first quarter reporting season, and retail sales data came in worse than anticipated.

The Dow Jones Industrial Average increased 18 points, or 0.1%, at 9:59 ET (13:59 GMT), while the S&P 500 increased by 0.4% and the NASDAQ Composite increased by 0.2%.

Despite the turmoil caused by the failure of two major banks, JPMorgan, Citigroup (NYSE:C), and Wells Fargo (NYSE:WFC) all outperformed forecasts for the quarter.

Although consumers reduced their expenditure on cars and other large-ticket items, retail sales in March decreased by more than the forecasted 1% from the previous month.

After the Federal Reserve launched an aggressive campaign against inflation by gradually raising interest rates, recent economic statistics, notably retail sales, have shown that the economy is cooling. When the Fed holds its next meeting in May, futures traders expect another quarter-point rate increase.

Raphael Bostic, president of the Atlanta Federal Reserve, stated on Friday that a quarter-point hike might allow the central bank to complete its tightening cycle with some assurance that it has pushed inflation toward its 2% target.

Shares of UnitedHealth Group Incorporated (NYSE:UNH) declined 1.7% after the company exceeded expectations for its quarterly profit and improved its projection for the year.

Shares of Boeing Co (NYSE:BA) dropped more than 6% after the company halted deliveries of some 737 MAXs due to a supplier quality issue.

Oil was increasing. Brent Oil Futures increased by 0.8% to $86.83 per barrel, while Crude Oil WTI Futures increased by 1.1% to $83.09 per barrel. At $2,037, gold futures were down 0.9%.