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By Staff Reporters
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The biggest U.S. banks presented a picture of a resilient economy on Friday, with consumers and businesses continuing to spend and borrow even after a lightning-fast rise in interest rates.
JPMorgan Chase’s profit soared 67% in the second quarter from a year earlier and Wells Fargo’s jumped 57%, lifted by the income they earned lending out money at higher rates. Citigroup’s net interest income was a bright spot, though profit fell 36%. All three banks beat analysts’ expectations for profit and revenue.
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Here is where the major benchmarks ended:
- The S&P 500 Index was down 4.62 points (0.1%) at 4,505.42, up 2.4% for the week; the Dow Jones Industrial Average (DJIA) was up 113.89 points (0.3%) at 34,509.03, up 2.3% for the week; the NASDAQ Composite was down 24.87 points (0.2%) at 14,113.70, up 3.3% for the week.
- The 10-year Treasury note yield (TNX) was up about 7 basis points at 3.828%.
- CBOE’s Volatility Index (VIX) was down 0.29 at 13.32.
Energy shares were among the weakest performers Friday after crude oil futures retreated nearly 2% from 2½-month highs posted Thursday. Regional banks were also lower despite stronger-than-expected quarterly results from their larger peers.
Health care and Consumer Staples were among the strongest performers. The U.S. dollar gained slightly but remained near a 17-month low against the euro.
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Filed under: "Ask-an-Advisor", Alternative Investments, Experts Invited, iMBA, Inc., Investing | Tagged: CBOE, CitiGroup, consumer staples, DJIA, DOW, energy, JPMorgan Chase, NASDAQ, S&P 500, US Dollar, Volatility Index, Wells Fargo | Leave a comment »
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