The benchmark S&P 500 index opened flat on Monday as investors awaited more bank earnings and views from Federal Reserve policymakers that could shape expectations around when the central bank would pause its monetary policy tightening. The Dow Jones Industrial Average rose 43.99 points, or 0.13 percent, at the open to 33,930.46. The S&P 500…
Dollar Hits 1-month High Against Yen as Traders Bet on Fed Rate Hike
LONDON—The dollar climbed to a one-month high against Japan’s yen on Monday as traders eyed up another interest rate hike from the Federal Reserve, while the Bank of Japan stuck to its easy-money policies for now. The dollar rose to 134.22 yen earlier in the session, the highest level since March 15. It was last…
Oil Steady as Market Awaits Chinese GDP Data
April 17, 2023
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LONDON—Oil prices were steady on Monday as investors eyed Chinese economic data for signs of demand recovery in the world’s second-largest oil consumer. Brent crude futures were down 13 cents to $86.18 a barrel at 1018 GMT, while U.S. West Texas Intermediate crude was at $82.33 a barrel, down 19 cents. Both contracts notched their…
Global Shares Rise Despite Economic Growth, Rate Worries
April 17, 2023
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TOKYO—Global markets rose moderately Monday, although worries continued about economic growth and inflationary pressures. France’s CAC 40 rose less than 0.1 percent in early trading to 7,522.58. Germany’s DAX gained 0.2 percent to 15,830.74. Britain’s FTSE 100 added 0.5 percent to 7,911.91. U.S. shares were set to drift higher with Dow futures up less than…
JPMorgan Posts Record Revenue and 52 Percent Profit Jump
April 17, 2023
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JPMorgan Chase posted record profits and an overall boost in revenue in the first quarter, in the face of recent turmoil in the banking sector last month. The better than expected April 14 earnings report beat most analysts’ estimates for the quarter, as depositors placed their money into the larger banks in the wake of the industry’s…
Citigroup Beats Estimates on Higher Income From Loans; Shares Rise
April 14, 2023
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Citigroup Inc.’s first-quarter profit beat Wall Street expectations as it earned more from borrowers paying higher interest on loans. While its net interest income rose 23 percent to $13.3 billion, Citi also set aside $241 million to cover potential loan losses, from $138 million a year earlier, according to its results reported on Friday. Citigroup…
Wells Fargo Tops Wall Street 1st Quarter Targets, Earning $5 Billion
April 14, 2023
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Business & MarketsCompanieseconomic policieseconomyinflationMarketsrecessionresultsstocksUSUS NewsWells Fargo
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Wells Fargo beat sales and profit targets in the first quarter compared with a year earlier, boosted by higher interest rates. The quarter saw the collapse of two banks that rattled the financial sector and the broader stock market. Wells Fargo participated with other banks in pumping $30 billion in deposits into First Republic Bank…
JPMorgan Chase Profits Jump 52 Percent Amid Banking Turmoil
April 14, 2023
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JPMorgan Chase & Co. posted a 52 percent jump in its first-quarter profits, helped by higher interest rates, which allowed the bank to charge customers more for loans. The bank saw deposits grow noticeably, as business and customers flocked to the banking titan after the failure of Silicon Valley Bank and Signature Bank last month….
Wall Street Opens Lower as Retail Sales Data Offsets Earnings Cheer
Wall Street’s main indexes opened lower on Friday as weak retail sales data for March suggested the economy was losing steam, while upbeat earnings from a trio of big U.S. banks helped assuage fears of further stress in the sector. The Dow Jones Industrial Average fell 47.98 points, or 0.14 percent, at the open to…
Dollar Set for Longest Stretch of Weekly Losses Since 2020
LONDON—The dollar headed for its longest stretch of weekly losses in almost three years on Friday, as traders ramped up expectations of an imminent end to the U.S. Federal Reserve’s rate-hike cycle following signs that inflation may be cooling. Data on Thursday showed U.S. wholesale prices, as measured by the producer price index (PPI), fell…
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