JPMorgan Chase remains on the acquisition trail in spite of its recent takeover of Bear Stearns and tough market conditions, Jamie Dimon, chairman and chief executive, said on Wednesday after the bank reported a 50 per cent fall in first-quarter profits.

JPMorgan’s results, coupled with those of Wells Fargo, the San Francisco-based bank, cheered investors who feared even bigger writedowns and loan losses. JPMorgan shares closed up 6.7 per cent and Wells Fargo shares 3.4 per cent, helping the S&P record a gain on the day of 2.3 per cent.