Stocks Rise as Banks Post Strong Earnings, Microsoft Closes Activision Deal

Stocks climbed higher on Friday after big US banks kicked off earnings season with upbeat profits.

The Dow gained around 0.6% while the S&P 500 added almost 0.5%. The Nasdaq lagged with a rise of 0.2%.

JPMorgan and Wells Fargo posted higher profits than expected, providing insight into banks' interest rate outlook.

Oil prices jumped amid Middle East concerns after the US tightened sanctions on Russian crude sales.

Microsoft closed its $69 billion acquisition of Activision Blizzard after getting clearance from the UK antitrust regulator.