The stock price of JP Morgan Chase & Co. (JPM) has gone up by over 1.5% today till the late morning trading session. Since the close last Wednesday, the stock has risen by over 3.75%. The stock closed at $114.65 on Tuesday.

The New York based is a multinational banking and financial services holding company. It is the largest bank in the United States, the world’s sixth largest bank by total assets, with total assets of US$2.5 trillion, and the world’s most valuable bank by market capitalization. It is a major provider of financial services and according to Forbes magazine is the world’s sixth largest public company based upon a composite ranking. The hedge fund unit of JPMorgan Chase is the second largest hedge fund in the United States. The company was formed in 2000, when Chase Manhattan Corporation merged with J.P. Morgan & Co.

Meanwhile, Jamie Dimon is enlarging his bank’s footprint in the Big Apple. JPMorgan Chase, along with Mayor Bill de Blasio, announced Wednesday it will build a new, 70-story skyscraper on the site of its current headquarters at 270 Park Ave., the first major project under the city’s Midtown East Rezoning Plan. “With a new headquarters at 270 Park Avenue, we are recommitting ourselves to New York City while also ensuring that we operate in a highly efficient and world-class environment for the 21st Century,” Dimon said in a statement.

The announcement ends a beef between Dimon and de Blasio over $1 billion in tax breaks the company wanted in exchange for building two towers on the West Side. The deal fell apart, with Hizzoner calling the subsidies a “non-starter.” But under the Midtown East Rezoning Plan, which the de Blasio administration ushered in last year, the city will get $61.49 per square foot to fund public improvements in the area, according to the announcement. The building is expected to be LEED-certified, span about 2.5 million square feet, and create 8,000 construction jobs in the city, according to the announcement. The company plans to demolish its current headquarters next year and complete construction in five years. Employees will be relocated to offices nearby during construction.

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Amidst all the confusion, “You can stop worrying about the effect of higher interest rates on stocks for now,” a J.P. Morgan strategist said Wednesday. “While rising long-term rates will ultimately become a negative for profits and multiples, we do not see current levels as a reason to de-risk and sell equities,” Dubravko Lakos-Bujas, head of U.S. equity strategy at J.P. Morgan, said in a note Wednesday. He also reiterated his S&P 500 target of 3,000. Rising rates are good for stock valuations because they reflect underlying economic growth and inflation, which are both good for profits, at least initially, Lakos-Bujas said.

Our analysts have given a “HOLD” rating to JP Morgan Chase & Co.’s stock. Today’s rise indicates a positive response from the market which has been slowly building up for the past few days. However, due to the weekly fluctuation, buying it at this moment might be risky.