U.S. Bank Stocks Jump As Investors Cheer Big Bank Earnings

Tiger Newspress2023-10-13

U.S. Bank stocks jumped in morning trading as investors cheered big bank earnings. JPMorgan Chase rose 4%; Wells Fargo and Citigroup rose more than 3%.

JPMorgan Chase beat expectations for third-quarter profit on Friday as a tighter monetary policy and the acquisition of failed First Republic Bank drove its interest income to a record high.

Wells Fargo beat analysts' third-quarter profit estimates and raised its annual forecast for income from interest payments on Friday, as customers paid more to borrow.

Citigroup's profit was broadly steady and beat third-quarter estimates as it benefited from rising interest payments and surging investment banking fees, sending its shares up 3% on Friday.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

Leave a comment
2
1