JPMorgan (JPM) Raises Qtr. Dividend, Announces $15B Buyback; News Pushing US Stocks Higher

Shares of JPMorgan (NYSE: JPM) may be leading stocks higher heading into the last hour of trade as the company just announced a boosted quarterly dividend and new buyback program. Importantly, the bank said the Fed had not objection for its proposed distribution.

The broader market may be moving higher as traders seem to be betting this could be the first of several banks to increase dividends and/or buybacks. The Fed is expected to release results from the latest bank stress tests this week.

JPMorgan will now pay a 30 cent per share quarterly dividend, up 20 percent from a previously-paid quarterly dividend of 25 cents per share. The dividend now yields just shy of 2.9 percent. The bank's Board also authorized a $15 billion stock repurchase plan.

JPMorgan shares last traded at $42.49, up about 4.8 percent from Monday's close. The Financial Select Sector SPDR ETF (NYSE: XLF) is now up 2.6 percent.

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