S&P 500 inches higher as strong BofA results offset tech weakness – Reuters
- Date: 18-Apr-2022
- Source: Reuters
- Sector:Financial Markets
- Country:Middle East
S&P 500 inches higher as strong BofA results offset tech weakness – Reuters
April 18 (Reuters) - The benchmark S&P 500 rose on Monday as Bank of America wrapped up earnings from big U.S. lenders with a better-than-expected quarterly profit, although elevated bond yields weighed on growth and technology stocks.
Shares of the second-largest U.S. bank by assets (BAC.N) rose 3% as strong growth in its consumer lending business helped cushion the blow from a slowdown in deal-making. Overall, the S&P 500 banks index (.SPXBK) gained 1.5%. read more
Market response to bank earnings has been mixed as JPMorgan Chase & Co (JPM.N), Goldman Sachs Group Inc (GS.N) and Citigroup Inc (C.N) combined put aside $3.36 billion in credit loss reserves due to risks from the Ukraine war and rising inflation. read more
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