“Dimons” Are a Dow’s Best FriendPosted 04/12/2019 9:13AM CT |
U.S. stock futures rose this morning with the release of stronger than expected earnings from J.P Morgan Chase. The banking giant’s number vaulted more than 2.5% before the bell and the Dow gained 230 points at the open. The better than anticipated number was attributed to the impact of higher rates. In recent months, U.S. banks have underperformed with looming fears of a recession. Bank executives have been side-stepping these concerns by emphasizing the current loan growth. Business Insider had published this Jamie Dimon quote today. “In the first quarter of 2019, we had record revenue and net income, strong performance across each of our major businesses, and a more constructive environment,” CEO Jamie Dimon said in the earnings release “Even amid some global geopolitical uncertainty, the US economy continues to grow, employment and wages are going up, inflation is moderate, financial markets are healthy, and consumer and business confidence remains strong.”
Resistance is showing 289900 and 291000 with support being 288400 and 287500.
E-Mini S&P 500 Jun ’19 Daily Chart