SP 500, Dow hit record highs on bank earnings boost
- Date: 17-Apr-2021
- Source: Zawya
- Sector:Financial Services
- Country:Middle East
SP 500, Dow hit record highs on bank earnings boost
"You are just seeing blow out earnings from the banks and all the data pointing to a very strong reopening," said Thomas Hayes, chairman of Great Hill Capital."So it's a day for (the so-called) 'reopening trade' with strong financials."Morgan Stanley reported a 150% jump in quarterly profit on Friday, joining JPMorgan Chase & Co, Goldman Sachs Group Inc and Bank of America in reinforcing hopes of a swift economic recovery.Still, the investment bank's shares fell 2.9% as it also disclosed an almost $1 billion loss from the collapse of private fund Archegos. read moreShares of JPMorgan, Goldman Sachs, Bank of America, and Wells Fargo & Co rose between 0.7% and 2.4%, while the S&P financials index was up 0.4% after hitting a record high earlier in the day.People are seen on Wall St. outside the New York Stock Exchange (NYSE) in New York City, U.S., March 19, 2021. By 12:04 p.m. ET, the Dow Jones Industrial Average was up 101.65 points, or 0.30%, at 34,137.64, the S&P 500 was up 8.02 points, or 0.19%, at 4,178.44, and the Nasdaq Composite was down 7.80 points, or 0.06%, at 14,030.96.The Federal Reserve's pledge to keep interest rates low despite higher inflation has also revived