HomeFinancial MarketsNasdaq & S&P Sink, Dow Rises Following Big Bank Earnings

Nasdaq & S&P Sink, Dow Rises Following Big Bank Earnings

Stocks were mixed on Friday after a flurry of U.S. banks reported upbeat earnings. The Dow Jones Industrial Average gained 0.12%, while the S&P 500 fell 0.5% and the tech-heavy Nasdaq Composite slumped by 1.2%.

JPMorgan Chase, Wells Fargo, and Citigroup all posted higher profits for the third quarter than were expected. JPMorgan reported third-quarter earnings of $13.2 billion—a 35% year-over-year rise—while its revenue of $40.7 billion was up 21% compared to last year. Wells Fargo’s revenues for the quarter were up by 20% compared to last year on the back of higher interest rates on loans.

Oil prices surged after Israel ramped up its counter-offensive in Gaza following deadly terror attacks by Hamas. Crude oil futures surged by 4% as did Brent crude futures.

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