The performance of the initial public offering market appears to be in the eye of the beholder, as J.P. Morgan Chase & Co. /zigman2/quotes/205971034/composite JPM +5.47% said Tuesday the IPO market was "strong" during the third quarter, while Goldman Sachs Group Inc. /zigman2/quotes/209237603/composite GS +4.44% said it has seen a "significant decline." J.P. Morgan said equity underwriting income rose 22% from a year ago to $514 million, with Chief Financial Officer Jennifer Piepszak saying on the post-earnings conference call that growth was driven by "strong performance in IPOs and convertibles," as the bank ranked "number one in wallet share for overall and IPOs." Meanwhile, Goldman said equity underwriting revenue fell 11% to $385 million, citing "a significant decline in industry-wide public offerings." J.P. Morgan's stock rallied 1.7% in morning trading, while Goldman shares shed 3.3%. Year to date, shares of J.P. Morgan have rallied 21% and Goldman has hiked up 19%, while the Dow has gained 15%.