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JPMorgan Dividend Announcement Surprises Investors, Irks Fed

JPMorgan Chase & Co., the biggest U.S. bank, surprised investors and the Federal Reserve when the firm announced two days early that it received regulatory approval for a 20 percent dividend increase.

JPMorgan surged 7 percent on yesterday’s news, which helped drive up the shares of competitors and major stock indexes. The central bank, which tested 19 of the largest U.S. financial firms to gauge their ability to withstand another severe economic downturn, decided to release the results at 4:30 p.m. in Washington, also two days ahead of schedule.