Upbeat Earnings Have CEOs Singing Rebound

Market soars as investment profits give bank strong 3rd quarter

(AP) - JPMorgan Chase reported strong third-quarter earnings today as its thriving investment banking business more than offset rising consumer loan losses that the bank warned would continue. The company, the first of the big banks to report, showed a $3.59 billion profit, or 82 cents per share. But it also roughly doubled the amount of money it set aside for failed home and credit card loans in the quarter, saying credit losses would remain high "for the foreseeable future." More»

(NEWSER) - Bank of America and Citigroup both posted estimate-topping profits today, but neither inspired much confidence, the New York Times reports. Both numbers hinged on one-time gains from asset sales. In Bank of America’s case, earnings fell 5.5% to $3.22 billion, a number propped up by the sale of its stake in a big Chinese bank. Citigroup pulled in $4.28 billion, but only because it sold off part of Smith Barney. More»

(NEWSER) - Stocks surged at the open, as better-than-expected earnings buoyed hopes that the economy is ready for a comeback, the Wall Street Journal reports. The Dow was up 71 points, while the S&P and Nasdaq rose 8 and 20 points, respectively. Earnings reports have been surprisingly good this quarter; about two-thirds of the S&P 500 companies that have reported have beaten estimates. More»

(NEWSER) - Stocks sank at the open today as investors cashed in after yesterday’s rally. The Dow lost 90 points, while the Nasdaq and S&P both dipped 1.4%. The day’s economic data was negative as usual: Continuing jobless claims rose 159,000, orders for durable goods dropped 2.6%, and Ford posted a $5.9 billion fourth-quarter loss. More»

Dow off 50 in early trading; first reports due late today

(NEWSER) - Stocks moved lower at today’s open as traders held their collective breath ahead of what’s expected to be a dismal earning season, the Wall Street Journal reports. The Dow was down 50 points recently, to 8,548, while the S&P and Nasdaq dipped 0.95% and 0.78% respectively. All eyes are on Alcoa, which will begin earnings season by reporting after the bell today. More»