Closing Bell: Bank of America CEO on Earnings, Wells Fargo CFO Weighs In, Defense Downgrade 1/13/23
Closing Bell
CNBC
4.4 • 139 Ratings
🗓️ 13 January 2023
⏱️ 43 minutes
🧾️ Download transcript
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| 0:00.0 | Staging an impressive rally off the early morning lows as we close out what is a solid week for the bulls with earnings now firmly in the spotlight |
| 0:08.0 | This is the make or break hour for your money. Welcome everyone to closing bell. I'm Sarah Eisen. Take a look at where we stand. There's the |
| 0:13.6 | something. Look at that turnaround intraday. Same thing for the Dow. Similar chart. We're |
| 0:18.0 | at 49 points, but at the lows we were down 274 points. The Nasdaq up a third of 1%. It's really the banks leading the |
| 0:25.5 | charge. All weaker off earnings all had a big intraday turnaround. The banks |
| 0:30.0 | and consumer discretionary are the best performing sectors in the market right now. |
| 0:33.7 | Consumer Discretionary is working because Amazon, it's adding another 3% to what has been a banner |
| 0:38.3 | week so far. |
| 0:39.3 | Amazon's up of 14% for the week. |
| 0:41.9 | Gives you a flavor of what's been happening. |
| 0:43.8 | Take a look at the scorecard for the major averages this week because we are on a four day |
| 0:48.2 | win streak here and headed higher. |
| 0:50.6 | S&P gaining about 2.5% for the week and the NASDAQ composite up 4.5% for the week. |
| 0:57.0 | Some of the more risky stocks that got beaten up last year, they surged back this week. |
| 1:02.0 | We'll talk about whether that can be a trend. |
| 1:04.3 | Coming up on today's show we've got an inside look at today's big bank earnings. |
| 1:08.9 | In just a moment we'll talk to Wells Fargo CFO Mike Santa Massimo about his firm's results |
| 1:14.0 | along with his read on the housing market and Wells Fargo's future in that space and |
| 1:18.1 | then later Bank of America CEO Brian Moynihan breaking down his quarter what he is seeing right now from the American |
| 1:24.9 | consumer it's a c. NBC exclusive let's get straight to the banks though and this move we've |
| 1:29.3 | seen in the middle of the afternoon Wells Fargo Bank of America, JP Morgan Citigroup, they're all |
| 1:33.8 | bouncing off a slump this morning after reporting fourth quarter results. Many rely |
... |
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