Wall Street stock market is closed today. (January 16) on the occasion of Martin Luther King Jr. Day after the market closed on Friday, rose 112 points.
Wall Street stock market is closed today. (January 16) on the occasion of Martin Luther King Jr. Day after the market closed on Friday, rose 112 points.
For trading on Friday (13 Jan) ago The Dow Jones Industrial Average closed at 34,302.61, up 112.64 points, or 0.33 percent, amid volatile trading. After the release of the big US bank earnings.
The Dow dropped more than 100 points, nearing the 34,000 level in early trading on Friday. behind JPMorgan Chase, the largest US bank by asset value. Announcing an increase in provision for bad debts And warned that the United States is at risk of facing a recession.
JPMorgan has set aside $2.3 billion in bad debt provisions. This was 49% higher than the third quarter of 2022 and above analysts’ estimate of $1.96 billion. while warning that the United States is at risk of a recession affected by the Russo-Ukrainian War including a high level of inflation
Citigroup said the bank posted a sharp drop in profit in the fourth quarter, hit by a drop in investment banking revenue. Including the need for banks to increase provision for bad debts
Citigroup said profit plunged more than 21% in the fourth quarter of 2022 to $2.5 billion from $3.2 billion in the same period in 2021, while the bank set aside $1.85 billion in bad debt provisions. That beat analysts’ estimate of $1.79 billion.
Wells Fargo said the bank posted lower profits and revenue in the fourth quarter of 2022 due to legal charges from litigation. Including an increase in provision for bad debts while Black Rock which is the world’s largest asset management company, said the company’s profit dropped 18% in the fourth quarter of 2022.
