Earnings Soar as Inflation Eases ??
The stock market surged on Wednesday, powered by cooling inflation data and impressive earnings from major U.S. banks. Let’s dive into the highlights:
?? JPMorgan Chase: A Record Quarter
JPMorgan Chase (JPM) reported a stellar fourth quarter with profits soaring 50% to $14 billion, translating to $4.81 per share. This performance exceeded Wall Street expectations of $11.7 billion, showcasing the bank’s robust earnings capacity. Investment banking and lending strength played a key role in this record-breaking result. Share price rose 4.58% to $254.27.
?? Wells Fargo: Profits Surge
Wells Fargo (WFC) delivered a remarkable 15% increase in revenue, from a year ago. Earnings per share hit $1.43, surpassing estimates of $1.35. Share price jumped 6.12% to $75.95.
?? Citigroup: From Loss to Profit
Citigroup (C) made a stunning turnaround, reporting a net income of $2.86 billion compared to a $1.84 billion loss a year earlier. Revenue climbed 12% year-over-year to $19.58 billion, driven by a reduction in credit costs and strong financial management. Share price surged 7.17% to $78.51.
?? Morgan Stanley: Exceptional Growth
Morgan Stanley (MS) posted robust earnings, with significant growth driven by wealth management and investment banking activities. The Banks revenue rose to 25% to $1.64 billion. Share price increased 6.22% to $135.81.
Bank stocks rallied as investors cheered these outstanding results. These gains highlight renewed confidence in the financial sector. Stay tuned for more market updates!