JPMorgan Chase (NYSE: JPM) saw its stock price rise on Friday, as it was up about 2.7% as of around 1:40 p.m. EDT. The stock was trading at about $141 per share at that time, up roughly 5.3% year to date.

The markets were surging higher on Friday, as the S 500 was up 62 points (1.5%), the Dow Jones Industrial Average climbed 665 points (2%), and the Nasdaq Composite gained 138 points (1.1%) as of 1:40 p.m. EDT.

Friday was a good day for the markets, which certainly helped JPMorgan Chase, the nationʻs largest bank. Among the catalysts, the U.S. Senate voted to raise the debt ceiling on Thursday, just one day after the House passed it. Failure to do so by the June 5 deadline would have led to a default and economic catastrophe. Banks thrive in strong, growing economies, so this was, to say the least, good news for JPMorgan Chase.

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Source Fool.com