Stocks Gain as Wall Street Banks Hit Two-Year High: Markets Wrap
- Falling rates not as bad as feared for JPMorgan, Wells Fargo
- Tesla tumbles as Robotaxi unveiling was light on specifics
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Wall Street kicked off the earnings season with stocks hitting all-time highs as big banks rallied after posting solid results.
The S&P 500 topped 5,800, notching its 45th record in 2024. Equity traders worried that the start of Federal Reserve rate cuts would sap bank profits saw things weren’t that bad, with JPMorgan Chase & Co. churning out a surprise increase in net interest income. At Wells Fargo & Co., NII slumped — but the firm expects that drop to be less steep in the last quarter. Each stock rose at least 4.4%, pushing the KBW Bank Index to the highest since April 2022.