U.S. stocks on Tuesday traded higher following mixed results from U.S. banks.
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Shares of JPMorgan Chase, the nation’s biggest bank, traded lower after revealing fourth-quarter earnings per share of $1.98 on managed revenue of $26.8 billion.
That missed analyst expectations of $2.20 per share.
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The revenue estimate was $26.83 billion.
The bank cited weakness in bond trading due to spikes in market volatility at the end of the year.
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| Ticker | Security | Last | Change | %Chg |
|---|---|---|---|---|
| JPM | JP MORGAN CHASE & CO. | 99.86 | -1.07 | -1.06% |
| WFC | WELLS FARGO & COMPANY | 47.17 | -1.25 | -2.57% |
| C | CITIGROUP INC. | 60.27 | +1.33 | +2.27% |
Wells Fargo reported fourth-quarter profit of $6.06 billion or $1.21 per share, topping the estimate for $1.17.
Revenue was $20.98 billion, falling short of the $21.73 billion estimate.
| Ticker | Security | Last | Change | %Chg |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 23951.08 | +41.24 | +0.17% |
| SP500 | S&P 500 | 2596.78 | +14.17 | +0.55% |
| I:COMP | NASDAQ COMPOSITE INDEX | 6981.2036 | +75.29 | +1.09% |
On the U.S. economic calendar, producer prices fell 0.2 percent last month after edging up 0.1 percent in November.
New York manufacturers reported tepid growth in January as the pace of new orders and shipments slowed.
German officials said economic growth slowed last year to its weakest rate in five years, slipping to 1.5 percent from 2.2 percent in 2017. The news increased concerns about a global downturn and the impact of trade conflicts.
In Europe, Britain’s FTSE fell less than 0.1 percent, Germany’s DAX slipped by 0.3 percent and France’s CAC 40 was flat.
The People’s Bank of China said it will increase efforts this year to stimulate its economy by improving credit availability for small companies and cut taxes.
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Asian stocks closed higher. Japan’s Nikkei 225 closed up nearly 1 percent to 20,555.29, Hong Kong’s Hang Seng jumped more than 2 percent and the Shanghai Composite rose 1 percent.
On Monday, U.S. stocks closed lower in a second straight weaker day after a surprise drop in Chinese exports renewed worries about a global growth slowdown.
