The Dow Jones Industrial Average climbed above 10,000 for the first time in more than a year on Wednesday after JPMorgan Chase kicked off the US banks’ third-quarter results season by reporting its biggest profit since 2007.

The $3.6bn in net income earned by JPMorgan in the three months to the end of September easily beat analysts’ expectations and has set the bar for rivals Goldman Sachs, Citigroup and Bank of America, which report later this week.