All three major U.S. stock indexes ended in the red, but on the heels of Thursday’s robust rally, all three major U.S. stock indexes notched weekly gains.
“Today we’re taking bit of a breather,” said Sal Bruno, chief investment officer at IndexIQ in New York. “After yesterday’s sharp move up, the market might have gotten a little ahead of itself.”
Citigroup Inc, JPMorgan Chase & Co and Wells Fargo & Co beat earnings expectations, benefiting from rising interest rates and easing fears of stress in the banking system.
“As expected, the bigger banks were probably not harmed that much by the regional banking turmoil, and possibly even beneficiaries of it,” said Ross Mayfield, investment strategy analyst at Baird in Louisville, Kentucky. “We saw mostly strong and healthy balance sheets, and it’s pretty clear (the regional banking) crisis isn’t systemic.”
The S&P 500 banking sector jumped, and JPMorgan Chase surged to its…
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