Shares of banks and other financial institutions rose slightly as robust earnings growth for major banks was offset by cautious outlook.
JPMorgan Chase, Wells Fargo and Citigroup together reported more than $22 billion in profits in the third quarter, up by more than a third from the year-earlier period, as the banks’ capitalized on an increase in interest rates by increasing profit margins on loans.
Shares of JPMorgan, the largest U.S. bank by assets, rose by roughly 2%, paring gains of roughly 5% from earlier in the session.
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