Financials Up After JPMorgan, Wells Earnings, Yield Move -- Financials Roundup
Banks, lenders and other financial companies rose after mixed earnings from two of the largest U.S. banks and another uptick in Treasury yields.
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, email@example.com
(END) Dow Jones Newswires
January 12, 2018 16:46 ET (21:46 GMT)