JP Morgan Chase profits surge

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News, Business

4.5 • 1.4K Ratings

🗓️ 12 January 2024

⏱️ 1 minutes

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Summary

Stocks close mixed; rising interest rates push up bank profits; banks increase loan loss reserves; producer prices tick down.

Transcript

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0:00.0	This is the Marketplace Minute.
0:03.0	I'm Justin Ho.
0:05.0	Stocks were mixed on Friday.
0:06.8	The Dow fell three tenths percent, but the S&P rose less than a tenth of our percent,
0:12.1	and the NASDAQ barely inched up.
0:14.0	J.P. Morgan Chase says profits fell in the most recent quarter,
0:18.0	compared to the same time last year.
0:20.0	But for all of 2023, profits were up more than 30% compared to 22.
0:25.0	Rising interest rates have helped banks earn more on their loans,
0:28.0	even though they're also paying more to depositors.
0:31.0	J.P. Morgan also said it's setting aside more cash to cover badly. visitors. rose last quarter, but Wells Fargo said they fell. And the prices producers
0:44.9	charge for goods and services fell in December, down a tenth of a percent,
0:49.2	according to the Labor Department. A lot of that is because energy and food prices fell.
0:54.0	I'm Justin Ho with the Marketplace Minnet. You're going to.

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