JPMorgan Chase & Co. stock JPM jumped 6% on Friday after the megabank beat analyst estimates for first-quarter profit and revenue. The U.S.’s largest bank said its first-quarter profit rose to $12.62 billion, or $4.10 a share, from $8.28 billion, or $2.63 a share, in the year-ago quarter. Revenue increased to $38.35 billion from $30.72 billion. JPMorgan beat the earnings estimate of $3.41 a share and surpassed the revenue mark of $36.13 billion, according to analyst forecasts compiled by FactSet. “The U.S. economy continues to be on generally healthy footings—consumers are still spending and have strong balance sheets, and businesses are in good shape,” CEO Jamie Dimon said. “However, the storm clouds that we have been monitoring for the past year remain on the horizon, and the banking industry turmoil adds to these risks.” Prior to Friday’s trades, JPMorgan Chase stock was down 3.8% in 2023, compared to an 8% rise by the S&P 500 SPX, a 2.7% gain by the Dow Jones Industrial Average DJIA and a 4.8% year-to-date drop by the Financial Select Sector SPDR Fund XLF.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.