Wall Street rallies on robust bank earnings and positive news on inflation
- U.S. Stocks rallied on Wednesday after an encouraging inflation report and blockbuster profits for some of America's biggest banks, with the Dow rising by 644 points, or 1.52%.
- The latest inflation data showed a slowdown in the core measure of the Consumer Price Index, rising just 0.2% from November and easing to 3.2% year over year after staying at 3.3% since September 2024.
- JPMorgan Chase posted a record annual profit of $58.5 billion, while Goldman Sachs recorded $4.11 billion in profit in the fourth quarter, more than double its profit in the fourth quarter of 2023.
- Chris Zaccarelli, Chief Investment Officer at Northlight Asset Management, stated that the market will be encouraged by the decrease in core inflation, which should alleviate some of the pressure on stock and bond markets.
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Total News Sources0
Leaning Left5Leaning Right6Center12Last UpdatedBias Distribution52% Center
Bias Distribution
- 52% of the sources are Center
52% Center
L 22%
C 52%
R 26%
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