JPMorgan Chase profits rise 6%

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News, Business

4.5 • 1.4K Ratings

🗓️ 12 April 2024

⏱️ 1 minutes

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Summary

Stocks fall; JP Morgan CEO cites economic uncertainty; consumer confidence holds steady; import prices rise in March.

Transcript

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0:00.0	This is the Marketplace Mint Act. I'm Justin Ho. Stocks had a rough day on Friday. The
0:07.4	Dowell fell 1.1.4%, the S&P lost almost 1.5%, and the NASDAQ dropped 1 and 6.10%.
0:15.0	J.P. Morgan Chase says profits rose last quarter, up 6% compared to the same time a year ago.
0:21.0	CEO Jamie Diamond said there's a lot of uncertainty in the economy right
0:24.5	now including whether inflation will continue to stay elevated. That said the bank
0:29.2	set aside less cash to cover bad loans. Consumers, surveyed by the University of Michigan this month, said they were about
0:35.9	as confident in the economy as they were in March.
0:38.9	Consumer confidence has been holding steady all year so far.
0:42.1	People expect prices to rise at a faster pace over the next year.
0:45.2	And the price of imported goods rose 4 tenth percent in March, according to the
0:49.4	Labor Department. Most of that was because of rising energy prices. Stripping that out, import prices moved up a tenth of a percent.
0:56.0	I'm Justin Ho with the Marketplace Minute. You're going to.

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