as the banks benefited from a surge in interest rates. The banks also offered a solid outlook on future net interest income, and JPMorgan's CEO said the economy remains resilient.
"The US economy continues to be on generally healthy footings — consumers are still spending and have strong balance sheets, and businesses are in good shape,"But weak retail data in March weighed down stocks. Sales fell 1% last month, more than the expected drop of 0.4%. The retail sales data extended the decline seen in February and was driven by consumers pulling back on big-ticket item purchases like cars.
"A handful of earnings releases today from large banks exceeded expectations, but any resulting optimism is being tempered by retail sales data pointing to tapped-out consumers against the backdrop of an economy that is running on fumes," Interactive Brokers' senior economist José Torres said.
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