Finance: Bank stocks are climbing after the first batch of earnings beats (JPM, C, MS, GS, BAC)
JPMorgan and Citi saw their stock prices rise after reporting a beat on earnings Thursday. The rest of the banks followed suit.
The first two of the big banks reported earnings on Thursday morning, and all of the major banks are rising following the reports.
First, JPMorgan earned $1.76 per share, well above Wall Street's consensus estimate of $1.65 as revenue from fixed income trading plunged 27% from the same point last year.
Then, Citigroup posted earnings of $1.42 per share and reported its fixed-income unit saw revenue fall 16% compared to a year ago.
The rest of the major banks will report their earnings in the coming week. Wells Fargo and Bank of America will announce their results on Friday while Goldman Sachs and Morgan Stanley reporting next Tuesday.
Here's how the major banks are responding to Thursday's results.
- JPMorgan (JPM) +0.83% at $97.55
- Citigroup (C) +0.81% at $75.75
- Bank of America (BAC) +0.46% at $25.94
- Wells Fargo (WFC) +0.34% at $55.85
- Goldman Sachs (GS) +0.30% at $243.12
- Morgan Stanley (MS) +0.54% at $49.45