Financials Up As Banking Giants Post Growth - Financials Roundup
January 13 2017 - 04:44PM
Dow Jones News
Banks, lenders and other financial companies ticked up after
strong earnings reports from three of the largest U.S. banks. JP
Morgan, the largest U.S. bank by assets, reported a profit of $6.73
billion, or $1.71 a share, up from $5.43 billion a year earlier,
helped the trading bonanza in the wake of the unexpected Trump
victory in the presidential election. Shares of Bank of America
were more or less flat after the second largest bank posted
quarterly revenue short of Wall Street estimates, even as it logged
profits for the full year 2016 higher than any year since 2006.
Wells Fargo rose after the lender, whose community banking unit is
reeling from a sales-practice scandal, posted earnings ahead of
some investors' expectations. BlackRock's assets under management
rose 11% to $5.15 trillion from a year ago, as investors poured
more money into lower-cost, index-tracking funds provided by the
world's largest money manager.
-Rob Curran, rob.curran@dowjones.com
(END) Dow Jones Newswires
January 13, 2017 16:29 ET (21:29 GMT)
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