JP Morgan Sharply Higher After Increased Buyback Plan

JP Morgan

shares are trading higher by $$1.83 at $60.58 in Friday's session. The catalyst for the rally is the announcement that the company will be increasing its buyback plan tot $1.88B. Following a higher open, it retreated but found support well ahead of the top of Thursday's range ($59.13), only reaching $59.66 before continuing its move higher. If has gone on to make a new high for the move, surpassing its March 3 high ($60.55), so far reaching $60.96. If the rally continues there may be additional resistance at its January 8 high ($61.27) as well as its January 7 high ($62).