Editor's Note: Any reference to TheStreet Ratings and its underlying recommendation does not reflect the opinion of TheStreet, Inc. or any of its contributors including Jim Cramer or Stephanie Link. The Dow Jones Industrial Average ( ^DJI) is trading up 106 points (+0.6%) at 16,479 as of Wednesday, Jan 15, 2014, 1:35 p.m. ET. During this time, 245.8 million shares of the 30 Dow components have changed hands vs. an average daily trading volume of 355 million. The NYSE advances/declines ratio sits at 1,895 issues advancing vs. 1,048 declining with 173 unchanged.
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The Dow component leading the way higher looks to be JPMorgan Chase (NYSE: JPM), which is sporting a $1.21 gain (+2.1%) bringing the stock to $58.95. This single gain is lifting the Dow Jones Industrial Average by 9.16 points or roughly accounting for 8.6% of the Dow's overall gain. Volume for JPMorgan Chase currently sits at 19 million shares traded vs. an average daily trading volume of 17.3 million shares. JPMorgan Chase has a market cap of $216.91 billion and is part of the financial sector and banking industry. Shares are down 1.3% year to date as of Tuesday's close. The stock's dividend yield sits at 2.6%. JPMorgan Chase & Co., a financial holding company, provides various financial services worldwide. The company has a P/E ratio of 13, below the S&P 500 P/E ratio of 17.7. TheStreet Ratings rates JPMorgan Chase as a buy. The company's strengths can be seen in multiple areas, such as its reasonable valuation levels, good cash flow from operations, expanding profit margins and solid stock price performance. We feel these strengths outweigh the fact that the company has had sub par growth in net income.
Steve Ricchiuto, MZUHO Securities chief economist, and Bob Michele asset management global CIO with JP Morgan (JPM), joined BloomberTV's 'Bloomberg GO' to discuss the economy and the Fed raising rates.