Menu
Banking Exchange Magazine Logo
Menu

Market Rally Inspired by Bank Earnings

The markets have spiked from Friday through Tuesday

  • |
  • Written by  Banking Exchange staff
Market Rally Inspired by Bank Earnings

The markets have spiked from Friday through Tuesday in no small part due to bank earnings. The market jumped about 4%, with the Nasdaq rebounding the most after being battered for most of 2022.

Four out of the last five weeks have seen declines before the latest rally. The third quarter earnings season will impact markets for the remainder of the week. Inflation continues to be the biggest focus as American companies as they assess their forward outlook.

One of the catalysts this week was United States Bank earnings. Bank of America Corp rose by more than 6% after a surprising earnings report. The bank’s net interest income was offset by interest rate increases and showed a strong balance sheet.

Bank of New York Mellon had similar results for similar reasons, and grew by more than 5%. A healthy banking industry, even in an uncertain economy, helps market stability. Ironically, interest rates have helped America’s largest banks outperform expectations.

The banking industry has also benefitted from a more positive outlook from the United Kingdom, a key country for banking. On Monday, the Standard and Poors Bank Index was up 3.5%.

Nonetheless, many analysts think that the brief market rally for banks has been more to do with managed expectations than smooth sailing ahead.

back to top

Sections

About Us

Connect With Us

Resources

Webinar:

Navigating Fraud in the World of Instant Payments:
Strategies for Success

Time/Date: February 28, 2:00-3:00 ET

As payment technology advances, so does the need for effective fraud prevention strategies.

Join experts Mike Cook, VP of Commercialization, Fraud Solutions at Socure, and Mark Majeske, SVP of Faster Payments at Alacriti, in this Banking Exchange hosted webinar on February 28, 2:00-3:00 ET, as they discuss the current and future state of fraud in the instant payments landscape, and share strategies for protecting your business in the face of evolving fraud trends.

Key topics to be covered include:

REGISTER NOW!

This webinar is brought to you by:
Alacriti logo