Financials Up After BofA, Deutsche Bank Earnings -- Financials Roundup
July 16 2018 - 4:43PM
Dow Jones News
Shares of banks and other financial institutions rose after
strong earnings from some major players. Shares of Bank of America,
the second largest U.S. bank by assets, rose, coming within 5% of
all-time highs, after it reported rising interest rates, strong
loan demand and a massive tax cut boosted its second-quarter
profit. Rivals JPMorgan Chase and Citigroup, who have a similar
assortment of businesses, also rose. "We are quite encouraged to
see technology and financials as two of the main drivers of
growth," said Ryan Detrick, senior investment strategist at
brokerage LPL Financial. "Given these are two of the most important
groups, this bodes well for the overall economy." Deutsche Bank
shares surged from near multi-decade lows after the troubled German
bank's quarterly earnings topped Wall Street targets. Among other
setbacks, Deutsche Bank's German unit was singled out by the
Federal Reserve in recent months because of its exposure to risk.
Shares of BlackRock, the largest global money manager by assets,
ticked down after a drastic reduction in second-quarter inflows, a
sign of investors' skittishness after months of trade tensions and
market volatility. Barclays Chief Executive Jes Staley is
considering expansion of the British bank's online U.S. retail bank
and credit-card operations as competition in investment banking
intensifies, The Wall Street Journal reported.
-Rob Curran, rob.curran@dowjones.com
(END) Dow Jones Newswires
July 16, 2018 16:28 ET (20:28 GMT)
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