US banks spoil Wall Street investors’ mood

new York Investors on Wall Street have remained on guard as the US accounting season kicks off. The Dow Jones index of standard values ​​​​was hardly changed at 34,200 points on Friday afternoon. The broader S&P 500 and the Nasdaq index each fell 0.1 percent to 3,977 and 10,994 points.

The business figures presented by the major US financial institutions did not arouse any euphoria, but there were also no nasty surprises. “Banks’ results were solid,” summarized banking analyst Peter Torrente of KPMG. While on the one hand increasing risk provisions for possible loan defaults and a weakening business with mergers and acquisitions (M&A) burdened the results, on the other hand the financial institutions benefited from higher interest income.

The industry leader JP Morgan increased profits by six percent to eleven billion dollars. After initial losses, the shares even turned positive and were around two percent higher.

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