Bank stocks jumped in morning trading as investors cheered a strong batch of quarterly results from the biggest U.S. banks.

Goldman Sachs, Barclays, Wells Fargo, and Citigroup rose 5%; Morgan Stanley rose 4%; U.S. Bancorp, Bank of America, and Deutsche Bank rose 3%; UBS rose 2%.

JPMorgan Chase's annual profit rose to a record as its dealmakers and traders reaped a windfall from rebounding markets in the fourth quarter, it reported on Wednesday.

Wells Fargo's profit beat expectations in the fourth quarter powered by a rebound in dealmaking activity and forecast it would earn more from interest payments this year.

Citigroup beat estimates for fourth-quarter profit, fueled by strength in trading and dealmaking, and announced a $20 billion buyback program as it cut a closely watched return target.

Goldman Sachs posted its biggest profit since the third quarter of 2021 to beat Wall Street expectations, driven by bankers who brought in more fees from dealmaking, debt sales and strength in trading.