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Wall Street ended higher on Friday, managing to climb into the green despite a sharp decline in financials in the wake of mixed results of the three major banks in the country: JPMorgan Chase, Citigroup and Wells Fargo.
the final results at the close, the flagship Dow Jones index advanced 0.4% to 25,019.41 points, above the symbolic 25,000 mark for the first time since mid-June. The broad-based index S P 500 rose 0.1% to 2801.31 points. Over the week, the Dow Jones took 2.3% and the SP 500, 1.5%.
At the unofficial launch of the earnings season on Friday, three of the largest US banks announced results contrasted for the second quarter: very good for JPMorgan Chase, more mixed for Citigroup and frankly bad for Wells Fargo
JP Morgan Chase exceeded badysts' expectations by seeing profit up 18% from the second quarter last year. The US bank continues to enjoy higher interest rates and a lenient tax bill thanks to the reform pbaded last year by Donald Trump's government. According to the results released Friday, JPM posted a profit of US $ 8.32 billion, or US $ 2.29 per share.
For its part, Citigroup's profit was 4.49 billion in the second quarter, against 3.87 billion for the same period last year. New York-based bank Friday reported adjusted earnings of US $ 1.62 per share.
But Wells Fargo declined to $ 5.19 billion in the second quarter, compared to $ 5.86 billion for the same quarter. period last year. The bank based in San Francisco testified Friday an adjusted profit of $ 1.08 per share, below expectations. The largest mortgage lender in the United States reported a tax expense of $ 481 million mainly due to the recent Supreme Court decision to expand the ability of US states to impose a sales tax on transactions in the United States.
These results had the effect of reducing the three banks on Wall Street, with JPMorgan Chase losing 0.5%, Citigroup 2.2% and Wells Fargo 1.2%. For JPMorgan Chase, "It's a little surprising, the numbers are very good," said Jack Ablin of Cresset Wealth Advisors. "Investors may be looking at the results [des banques] as a whole. The industry is not progressing as fast as they expected and may not be as robust as it seemed when JPMorgan announced its results first.
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