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Major US banks post strong 2016 earnings

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Wall St Week Ahead-U.S. banks to stay in fashion as earnings kick off

Wall St Week Ahead-U.S. banks to stay in fashion as earnings kick off*/

– Wall St Week Ahead-U.S. banks to stay in fashion as earnings kick offBy Sinead Carew and Lewis KrauskopfNEW YORK, Jan 13 (Reuters) – U.S. bank stocks will stay in favor with investors as long as earnings reports in the coming week show an improving profit outlook while investors wait to see if U.S. President-elect Donald Trump lives up to his campaign promises.Wells Fargo & Co., JPMorgan Chase & Co and Bank of America kicked off the earnings season on a positive note on Friday, sending the S&P 500’s banking sub-sector up as much as 2.3 percent to its highest since February 2008 before paring gains.It closed trading up 0.8 percent compared with a 0.2 percent gain for the broader S&P 500.
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RPT-Wall St Week Ahead-U.S. banks to stay in fashion as earnings kick off

RPT-Wall St Week Ahead-U.S. banks to stay in fashion as earnings kick off*/

– (Repeats Friday story with no changes)By Sinead Carew and Lewis KrauskopfNEW YORK Jan 13 U.S. bank stocks will stay in favor with investors as long as earnings reports in the coming week show an improving profit outlook while investors wait to see if U.S. President-elect Donald Trump lives up to his campaign promises.Wells Fargo & Co., JPMorgan Chase & Co and Bank of America kicked off the earnings season on a positive note on Friday, sending the S&P 500’s banking sub-sector up as much as 2.3 percent to its highest since February 2008 before paring gains.It closed trading up 0.8 percent compared with a 0.2 percent gain for the broader S&P 500.
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Major US banks post strong 2016 earnings

Major US banks post strong 2016 earnings*/

– JPMorgan Chase announced record profits for 2016, boosted by a “dynamic” US economy and a surge in brokerage activities (AFP Photo/Timothy A. Clary)New York (AFP) – Wells Fargo reported lower fourth-quarter earnings Friday, underperforming two large rivals, following its bogus accounts scandal, but the firms were upbeat about the outlook.The banks said they were hopeful higher interest rates and a potentially more favorable regulatory climate under President-elect Donald Trump could boost the industry.Wells Fargo, which has been under pressure following revelations last fall that it opened some two million accounts without their customers’ knowledge, said it refunded $3.2 million in fees resulting from the fake accounts, up from the prior $2.6 million.
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