Midday Report: Peabody Energy Files for Chapter 11; U.S. Stocks Climb

U.S. stocks extended gains as JPMorgan's (JPM) - Get Report earnings surpassed estimates and eased fears over how bad the start of the year was for the banking sector. Financials were among the best performers on Wall Street so far in Wednesday's session. Peabody Energy (BTU) - Get Report has filed for Chapter 11 bankruptcy protection. The largest U.S. producer of coal has suffered through cheaper energy prices and a slowdown in China. The company said mines and offices will continue to operate through the bankruptcy process. Crude oil prices pulled higher even after a weekly read on U.S. inventories showed a far steeper build than expected. Storage added 6.6 million barrels of oil in the past week, contributing to a market already drowning in oversupply. TheStreet's Keris Lahiff reports from Wall Street.