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On the last trading day of the week, the US stock markets managed to rally. In addition to the positive results of the Michigan consumer survey, good mood was based on the first bank reports.
JPMorgan (JPM) reported better-than-expected fourth-quarter results, with CEO Jamie Dimon noting that the US economy “remains strong.” The result for the three months ending in December was $11.1 billion, or $3.57 per share, up 7.2% over the same period last year.
Bank of America (BAC) also announced its results for the fourth quarter, which revealed that the bank’s revenues were rising thanks to higher interest rates. Bank of America reported revenue of $24.5 billion in the first quarter, beating estimates of $24.2 billion. This was 11% higher than it was a year ago.
Wells Fargo (WFC) also reported better-than-expected quarterly results, but revenue fell short of Wall Street expectations. The financial giant reported fourth-quarter earnings of 67 cents a share on revenue of $19.7 billion, up from $1.38 a share on revenue of $20.9 billion a year earlier.
Citigroup reported net income of $2.5 billion, or $1.16 per share, slightly beating expectations of $2.3 billion, or $1.14 per share. However, earnings fell 21%.
By the end of the day, the S&P 500 was up 0.4%, the Dow Jones was up 0.3%, and the Nasdaq was up 0.7% from yesterday’s closing value.
