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Wall Street advances despite declining bank profits in the semester

US market stock indices trade with gains this Monday. Prices go up i Wall Street due to a reduction in risk aversion, after comments from Federal Reserveand despite the banks’ disappointing quarterly results for the market.

main index Dow Jones, consisting of the shares of 30 industrial giants, moves 0.61% 31,480.35 points. The Extended Reference S&P 500, of 500 components, moves 0.74% to 3,891.94 points. The IS Nasdaqwith a high technology component, gains 1.13% to 11,581.48 units.

The market opened in positive territory following comments issued by US central bank officials on Friday that they could raise rates by less than 100 basis points in their next decision, despite the high inflation data for June (the highest in nearly 40 years).

The comments allow to overcome the weak results of the major US banks in the second half: JPMorgan Chase, Bank of America, Wells Fargo, Citigroup, Goldman Sachs and Morgan Stanley reduced profits in the first half of 2022 compared to the period in 2021.

Bank of America reported a 34% drop in profits due to the decline in investment banking operations, but its stock is up more than 3% due to the strength of the retail banking business. Goldman Sachs it earns more than 5.4% after exceeding revenue estimates, the firm eToro explained in a note.

jose.rivera@eleconomista.mx


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