#WallStreet #Banks #Trading
$BAC $C $ JPM $MS $DIA $SPY $QQQ $RUTX $VXX $VIX
“Wall Street bank’s banner year will a on a high note, mostly down to Trump Administration policies and despite COVID chaos“–Paul Ebeling
The heads of the 2 largest US banks, JPMorgan Chase & Co.(NYSE:JPM) and Bank of America Corp.(NYSE:BAC), told investors that their investment-banking and trading divisions will mark a strong performance in Q-4 as economic activity stayed resilient despite the COVID-19 chaos.
Bank of America’s global markets business, “is going to have very good earnings this year,” CEO Brian Moynihan said during a virtual conference Wednesday. Its investment-banking division is expected to report fees of as much as $1.7-B for the last 3 months of Y 2020, 10 to 15% higher than last yrs numbers.
JPMorgan’s trading and investment-banking businesses are on track to generate 20% more revenue in Q-4 Y 2020 than they did in the same frame last year, CEO Jamie Dimon said. That would put trading revenue at $5.9-B, capping a record year for the group.
The world’s largest banks have lauded their fortress balance sheets as a show of strength during the virus chaos. The health crisis has roiled hurt consumer small businesses in the US.
Wall Street trading units always benefit from a high volatility and client activity. The 5 biggest US investment banks are on pace for their 1st $100-B yr for trading revenue in 10+ yrs.
Wednesday, the benchmark US stock market indexes finished at: DJIA -105.07 to 30068.75, NAS Comp -243.82 at 12338.87, S&P 500 -29.43 to 3672.83
Volume: Trade on the NYSE came in at 1.1-B/shares exchanged.
Heffx-LTN’s overall technical analysis of the major US stock market indexes is Bullish with a Very Bullish bias in here.
- NAS Comp +37.5% YTD
- Russell 2000 +14.0% YTD
- S&P 500 +13.7% YTD
- DJIA +5.4% YTD
Looking Ahead: Investors will receive the weekly Initial and Continuing Claims report, the Consumer Price Index for November, and the Treasury Budget for November Thursday.
Have a healthys day, Keep the Faith!