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.
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