Bank profits help stocks…Fargo investigations could end…EU wants to hear from Zuckerberg
NEW YORK (AP) – Big profit reports from several banks are reminding markets that already healthy earnings for U.S. companies are climbing even higher. Stocks opened higher this morning before turning mixed. Stocks around the world climbed a day after President Donald Trump asked trade officials to consider the possibility of returning to talks on a free-trade agreement for countries around the Pacific. The move surprised investors, who have been worried that increasingly protectionist countries may embark on a trade war.
NEW YORK (AP) – JPMorgan Chase says its profit jumped 35 percent from a year earlier. Most of the gains came from higher interest rates, which mean banks are charging more for loans, and a lower tax bill following Washington’s recent overhaul of the tax code. Citigroup says its first-quarter profit rose 13 percent from a year earlier, as the bank benefited from the new tax law and higher interest rates.
WASHINGTON (AP) – Wells Fargo is acknowledging that Federal regulators have offered to resolve a host of investigations into the consumer banking giant for $1 billion. The disclosure comes as Wells reports a 6 percent increase in first-quarter profit. Wells continues to navigate several investigations related to the opening of fake customer accounts and other matters.
NEW YORK (AP) – Broadcom rose to one of the biggest gains in the S&P 500 after it said it will repurchase up to $12 billion of its stock. By taking shares off the market, such buybacks can result in higher earnings per share for companies.
BRUSSELS (AP) – The European Union is calling on Facebook CEO Mark Zuckerberg to testify at the legislature of the 28-nation bloc about the widening data privacy scandal at his company. The EU’s justice commissioner, after a phone exchange with Facebook COO Sheryl Sandberg, says Zuckerberg should act on the Parliament’s invitation to come explain the situation.