Hello MarketClub members everywhere. The Dow has crossed 21,000 for the first time, the dollar has jumped the most in six weeks and Treasuries fell as investors grew increasingly confident global economic growth is accelerating, clearing the path for higher interest rates.
Big banks led gains among stocks, with The Goldman Sachs Group Inc. (NYSE:GS) and JPMorgan Chase & Co. (NYSE:JPM) trading at all-time highs as the odds for a rate hike in two weeks swelled past 65 percent and President Donald Trump's address to Congress did little to alter views that his administration will seek pro-growth policies.
Key levels to watch next week: Continue reading "Dow Races Above 21,000 After President Trump's Speech"
Hello MarketClub members everywhere. J.P. Morgan Chase & Co. (NYSE:JPM) quarterly earnings pushed well past analysts' expectations, helped by double-digit growth in deposits and record credit card sales. The company reported fourth-quarter earnings of $1.71 vs. estimates of $1.44 per share on revenue of $24.333 billion. It's stock price edged higher in intraday trading this morning, but has backed off the highs this afternoon.
"Our results this quarter were a strong end to another record year, reflecting our intense client focus and solid performance across our businesses," Dimon said in a release, citing a U.S. economy that may be building momentum.
Some in the media have dubbed it, "the best quarter ever for a bank". What do you think?
Key levels to watch the rest of the week: Continue reading "Best Quarter Ever For A Bank"
Hello MarketClub members everywhere. Earning season kicks off with a trio of big banks, J.P. Morgan Chase & Co. (NYSE:JPM), Bank of America Corporation (NYSE:BAC) and Wells Fargo & Company (NYSE:WFC) are all due to release earnings on Friday. Wells Fargo will be in the spotlight after its high-profile stumbles in 2016, including the account-opening scandal that led to the ouster of its CEO and the failure to get its living will approved by regulators. Investors will be watching for how these issues are impacting the bank's financial results.
On the data side, retail sales will be eyed. The November data showed a slowdown from the previous two months. We'll see if higher consumer sentiment readings translate into a strong month for sales.
Key levels to watch the rest of the week: Continue reading "Keep An Eye On The Big Banks And Retail Sales This Week"
Today, I'm going to be looking at the financial sector to see which of the banking stocks look the strongest.
Here is a list of the five stocks I will be analyzing: Continue reading "The Banks Are Back!"