The S&P 500 declined 0.1% on Friday as its banks’ index fell 0.9%. Still, the benchmark U.S. index posted a weekly gain of 2.4%, meaning that it is now up 17% for the year to date.

The tech-heavy Nasdaq Composite ended Friday 0.18% lower, while the Dow Jones Industrial Index gained 0.33%. For the week, both the Nasdaq and Dow Jones were up, advancing 3.3% and 2.3% respectively.

JPMorgan Chase was up 0.6% on Friday, while Wells Fargo shares declined by 0.3%. Citigroup stocks tumbled by 4% after the company reported a decline in its quarterly profits, As BlackRock fell 1.5% after reporting a decline in quarterly revenueof its own.

Overall, shares listed on the S&P 500 performed well this week, with 40 reaching new 52-week highs. On the Nasdaq Composite, 97 companies posted new 52-week highs.

The post Stocks End Week Lower As Banks Disappoint appeared first on theprimarymarket.com.

“In a challenging macro and geopolitical environment, our team delivered solid results, and we are in a strong position to weather uncertain times, given our liquidity, credit quality, and reserve levels,” said Citigroup CEO Jane Fraser in a press release.

Wall Street analysts expected that Citigroup will have earnings per share of $1.68 and revenue of $18.22 billion. Instead, the bank blew past these numbers, reporting $2.19 EPS and $19.64 billion in revenue. Citigroup’s positive results were greatly aided by a hike in interest rates and strong treasury and trade performance.

Citigroup is the only bank to beat the analysts’ expectations out of four major U.S. banks that reported their Q2 earnings this week. Wells Fargo beat the EPS expectations but missed revenue, while JPMorgan Chase and Morgan Stanley missed completely.

After closing in on $44.10 on Thursday, Citigroup shares surged to $50.46 at one point on Friday before settling at $49.98. This is the most value the stock has had since early June but still down 20% for the year.

The post Citigroup Stock Sees a 13% Surge After Q2 Results Beat Expectations appeared first on theprimarymarket.com.

The S&P 500 declined 0.1% on Friday as its banks’ index fell 0.9%. Still, the benchmark U.S. index posted a weekly gain of 2.4%, meaning that it is now up 17% for the year to date.

The tech-heavy Nasdaq Composite ended Friday 0.18% lower, while the Dow Jones Industrial Index gained 0.33%. For the week, both the Nasdaq and Dow Jones were up, advancing 3.3% and 2.3% respectively.

JPMorgan Chase was up 0.6% on Friday, while Wells Fargo shares declined by 0.3%. Citigroup stocks tumbled by 4% after the company reported a decline in its quarterly profits, As BlackRock fell 1.5% after reporting a decline in quarterly revenueof its own.

Overall, shares listed on the S&P 500 performed well this week, with 40 reaching new 52-week highs. On the Nasdaq Composite, 97 companies posted new 52-week highs.

The post Stocks End Week Lower As Banks Disappoint appeared first on theprimarymarket.com.

“In a challenging macro and geopolitical environment, our team delivered solid results, and we are in a strong position to weather uncertain times, given our liquidity, credit quality, and reserve levels,” said Citigroup CEO Jane Fraser in a press release.

Wall Street analysts expected that Citigroup will have earnings per share of $1.68 and revenue of $18.22 billion. Instead, the bank blew past these numbers, reporting $2.19 EPS and $19.64 billion in revenue. Citigroup’s positive results were greatly aided by a hike in interest rates and strong treasury and trade performance.

Citigroup is the only bank to beat the analysts’ expectations out of four major U.S. banks that reported their Q2 earnings this week. Wells Fargo beat the EPS expectations but missed revenue, while JPMorgan Chase and Morgan Stanley missed completely.

After closing in on $44.10 on Thursday, Citigroup shares surged to $50.46 at one point on Friday before settling at $49.98. This is the most value the stock has had since early June but still down 20% for the year.

The post Citigroup Stock Sees a 13% Surge After Q2 Results Beat Expectations appeared first on theprimarymarket.com.