The Yahoo Finance Live team discusses the rise in JPMorgan stock after announcing strong Q1 earnings results.
Video Transcript
- That's right, so let's kick things off. Shares of JP Morgan surging today, of course, as the company reported better than expected first quarter earnings, profit rising 52%, while revenue jumped 25%. The upbeat print sending shares to the upside throughout the sector. Bank of America, Goldman Sachs, and Citigroup all following JPM into the green to close out the day of trading.
- All right, I want to point out some commentary from the man we're always eager to hear from on this day, and of course, that is Jamie Dimon, his thoughts, really, on the economy. The US economy continues to be on generally healthy footings, consumer spending, strong balance sheets. Business is in good shape, but Jamie adds-- oh, you got to love the imagery. It's always there. "Storm clouds we've been monitoring for the past year remain on the horizon, and the banking industry turmoil adds to these risks."
When will we see that play out? Not entirely clear. This might not be next quarter. According to some analysis, we might not see the true damage to the banks, until 2024. So time will tell, but a pretty positive day for the big banks.
