Stocks surge on strong earns from Intel, JPMorgan

Surprisingly strong earnings reports from Intel Corp. and JPMorgan Chase & Co. are sending stocks sharply higher.

In early trading Wednesday, the Dow Jones industrials were about 40 points away from the 10,000 mark, a level not seen in a year. Major stock indexes all rose about 1 percent.

JPMorgan Chase, the first major bank to report third-quarter earnings, stoked the market's optimism as it handily beat Wall Street's expectations, reporting a profit of $3.59 billion for the July-September period. However the bank also said loan losses are still high and are likely to remain so for some time.

Intel also beat analysts' estimates, reporting a …