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  • the start of earning season failed to give Wall Street the excitement investors hope for.

  • The Dow fell 177 points on Friday.

  • The S and P 500 lost 27.

  • The NASDAQ declined 114.

  • J.

  • P.

  • Morgan Chase, America's largest bank, beat quarterly forecast.

  • It released nearly $3 billion from the reserve fund, set up to cover loans it feared would go bad after the economy cratered in the spring.

  • It did through a note of caution out there that loan demand was likely to remain sluggish this year.

  • Citigroup topped profit forecast, but higher costs and falling revenues at its consumer business dented any enthusiasm for the results.

  • It released $1.5 billion that it set aside to cover loan defaults.

  • Wells Fargo rounded out today with a small rise in quarterly profits, which helped the tarnished bank exceed estimates.

  • Its finances are still hampered by Siris of past scandals.

  • Wells Fargo was one of the worst performing stocks in the S and P 500.

  • JPMorgan was down 1.8%.

  • Citigroup took a 7% beating.

  • Another thing weighing on the market, President elect Biden's $1.9 trillion stimulus plan released the day before.

  • With the Senate evenly split between Democrats and Republicans, investors like Marc Etienne asset management can came in wonder how much of the Biden plan will even see the light of day?

  • Well, now you have a chance to start looking at the details.

  • When it was just this thing that was on the way and was going to be big and we didn't know what it was, you know, it kind of had excitement, and not that it doesn't have excitement.

  • It's just now we're going to start parsing the details what's gonna be able to make it through it.

  • All the components actually come to fruition.

  • Investors also had to contend with mixed economic data.

  • U.

  • S retail sales suffered their third straight monthly drop in December, confirming signs the economy end of the year in a struggle.

  • But there was a bright spot.

the start of earning season failed to give Wall Street the excitement investors hope for.

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B1 excitement fargo bank quarterly loan released

Bank earnings, Biden plan lead stocks lower

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    林宜悉 posted on 2021/01/16
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