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Think of it as at Dimon's rally. Stocks rallied well on Friday, shedding weekly losses on the S & P 500 and Nasdaq, and allowed all major US stock indexes to move closer to all-time record highs.
The rally comes as corporate banking results have outperformed expectations in the first three months of the year, marking the beginning of a results season that has attracted many Wall Street participants. Street in the United States. businesses face the signs of an economic slowdown at home and abroad.
JPMorgan & Co.
JPM, + 4.69%
The chief executive, Jamie Dimon, might have at least provided additional support to the market sentiment, if the results of his bank had not already done so, with his comments Friday on the state of The economy: "No law requires companies to stop," said Dimon. said about US prosperity during a phone call on Friday to discuss quarterly results with analysts.
"So you can easily, it can last for years," he said.
Of course, the bank's CEO said the unresolved trade dispute between the world's largest economies – China and the United States – could pose a threat, but suggested that the current optimistic phase of the market – which in turn is in its tenth year of existence – may last another decade.
"We make a list and look at all the other things, the geopolitical issues, the decline in liquidity. So the recession may have been confused, but it may not be in 2019, 2020, 2021. Of course, at one point it would probably be something, and yes, I think the biggest risk in the short term would be in China, the business problem in China. I would not count on a short-term recession in 10 years, "he said.
Lily: Biggest risk to the financial system, say CEOs of the largest US banks
Of course, Dimon's comments were far from being the only factor that allowed the actions to maintain their current buoyancy measure. Optimism about the announced $ 33 billion merger between Chevron Corp.
CLC -4.94%
and Anadarko Petroleum Corp.
APC, + 32.01%
and rally in the actions of Walt Disney & Co.
NFLX, -4.49%
following his offer to launch a video streaming offer to his competitor Netflix Inc.
NFLX, -4.49%
also have higher jerky stocks.
At the last audit, the S & P 500 index focused on large cap companies
SPX, + 0.66%
1,930.75, about 1% below its September 20 record, while the Dow Jones Industrial Average
DJIA, + 1.03%
was at 2% of its all-time high on Oct. 3, while the Nasdaq Composite Index
COMP + 0.46%
He also missed about 2% of his record of August 29th.
Lily: Market Overview by MarketWatch
If this can be considered a skyrocketing of Dimon's actions, it will not be the first time. The CEO of JPMorgan is associated with the so-called "Dimon Bottom". On February 11, 2016, he bought 500,000 shares of his company at what turned out to be the lowest point of the year.
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