Financials Up After JPMorgan, Wells Earnings, Yield Move -- Financials Roundup

Features Dow Jones Newswires

Banks, lenders and other financial companies rose after mixed earnings from two of the largest U.S. banks and another uptick in Treasury yields.

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JPMorgan Chase, the largest U.S. bank by assets, said its fourth-quarter profit fell from a year earlier because of one-time charges related to the recently passed tax overhaul, while earnings excluding that impact were roughly flat. Many multinational corporations have taken write-downs related to the tax law.

Domestically focused Wells Fargo ticked down after it said its fourth-quarter profit rose 17%, helped by a boost from the tax law.

The yield on the two-year Treasury note topped 2% for the first time since the financial crisis; banks often use Treasury yields as benchmarks for loans.

Rob Curran,

(END) Dow Jones Newswires

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January 12, 2018 16:46 ET (21:46 GMT)