January 28, 2023

South Sudan News Agency

Complete English News World

US stock markets ended the week well

US stock markets were bullish on the last trading day of the week. In addition to the positive results of the Michigan Consumer Survey, the good mood is based on first bank reports.

JPMorgan ( JPM ) reported better-than-expected fourth-quarter results, with CEO Jamie Dimon explaining that the U.S. economy “remains strong.” Net income for the three months ended December was $11.1 billion, or $3.57 per share, up 7.2% from the same period last year.

Bank of America (PAC) also reported its fourth quarter results, which revealed that the bank’s earnings increased thanks to higher interest rates. Bank of America posted revenue of $24.5 billion in the quarter, beating estimates of $24.2 billion. This is 11% higher than the previous year.

Wells Fargo ( WFC ) also reported better-than-expected quarterly results, but revenue fell short of Wall Street forecasts. The financial giant reported fourth-quarter earnings of 67 cents a share on revenue of $19.7 billion, up from $1.38 a share on revenue of $20.9 billion a year ago.

Citigroup reported net income of $2.5 billion, or $1.16 per share, slightly beating expectations of $2.3 billion, or $1.14 per share. However, profits fell by 21%.

By the end of the day, the S&P 500 index was up 0.4%, the Dow Jones 0.3%, and the Nasdaq 0.7% higher than yesterday’s close.

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