Stocks are rallying

Stocks opened higher on Wednesday, and JP Morgan shares jumped after quarterly results beat expectations.

Near 9:45 a.m. ET, the Dow was up 133 points, the S&P 500 was up 14 points, and the Nasdaq was up 45 points — all by as much as 0.7%.

JP Morgan shares rose 2.7% in early trading 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‘s interest rate decision is due at 10 a.m. ET.

At 2 p.m. ET, the Fed will publish its Beige Book of anecdotes about the economy.

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