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.
United States United States Latest News, United States United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: MarketWatch - 🏆 3. / 97 Read more »