U.S. Banks Jump on Earnings Beat From JPMorgan

After JPMorgan (JPM) - Get Report  reported better-than-expected second quarter earnings, shares of Wells Fargo (WFC) - Get Report and its banking peers also picked up steam. JPMorgan's earnings offered a peek into the commercial banking market, also boosting fellow Big Four banks Citigroup (C) - Get Report and Bank of America (BAC) - Get Report . JPMorgan posted earnings per share of $1.55, topping Wall Streets analysts by 12 cents, and also topped sales projections by just over $1 billion. JPMorgan shares climbed about two percent in midday trading, but are still down about three percent on the year. Wells Fargo is a stock held in Jim Cramer's Action Alerts PLUS charitable trust.

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Action Alerts PLUS, which Cramer co-manages as a charitable trust, is long Wells Fargo stock.