Shares of banks and other financial institutions rose after another generally strong round of earnings.
JPMorgan Chase shares rose after an increase in consumer borrowing bolstered quarterly earnings at the largest U.S. bank by assets.
Chief Executive Jamie Dimon warned that a high level of uncertainty over global conflict and energy prices were major risks looking forward.
JPMorgan, Citigroup and Wells Fargo all disclosed tens-of-billions of dollars worth of exposure to private-credit firms.
One strategist said bankers were still glossing over concerns about their private-credit risks and could be forced into more write-downs should credit markets remain under stress.
"Time typically heals a lot of ills in credit markets," said Mark Malek, chief investment officer at brokerage Siebert Financial.
"If there were no demands, if people weren't lining up to get money out of certain places, then it might go completely without problems, and we might not ever see any of cockroaches. But the fact is there is money leaving that industry, and the banks themselves did provide a lot of back credit to lot of these [private-credit] companies."
Shares of private-credit managers including Blue Owl and Ares Management surged as Treasury yields fell, easing some of the credit-market stress.
Shares of the world's largest money manager by assets under management, BlackRock, rallied after it logged earnings growth, quelling fears about its private-credit exposure.
Wells Fargo shares slid after the lender's quarterly revenue growth trailed some of its peers.
Chief Executive Charlie Scharf said consumers, business activity and the economy remained resilient but warned the impact of higher oil prices would take time to materialize.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
04-14-26 1703ET
