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Bank earnings fuel Wall Street

Video Credit: Reuters Studio - Duration: 01:18s - Published < > Embed
Bank earnings fuel Wall Street

Bank earnings fuel Wall Street

Wall Street's major indexes hit one-month highs on Wednesday.

As Fred Katayama reports, upbeat earnings from Bank of America and Goldman Sachs boosted investor sentiment.


Bank earnings fuel Wall Street

Wall Street got a big lift from Wall Street.

Strong earnings from Goldman Sachs and Bank of America helped send the indexes to one-month highs on Wednesday.

Economic Cycle Research Institute chief operating officer, Lakshman Achuthan: SOUNDBITE: ECONOMIC CYCLE RESEARCH INSTITUTE CHIEF OPERATING OFFICER, LAKSHMAN ACHUTHAN, (ENGLISH), SAYING: "Overnight, we had China saying you know we're going to add a little bit more.

I think if you dig into the weeds with the BOJ (Bank of Japan) and the ECB (European Central Bank), they're not taking things away so fast.

So that is all kind of a positive lift after the big comedown we had at the end of the year.

And certainly, there's always this discussion that valuations look good.

So you combine all that together, and we have a nice snapback." Strong equity trading revenue boosted Goldman's quarterly results that topped estimates.

It was the first Wall Street bank to show growth in trading revenue in the fourth quarter.

Bank of America's profit rose and breezed past estimates, lifted by higher interest income and loan growth.

Nordstrom shares slid.

The upscale department store operator forecast full-year profit at the lower end of its prior estimates.

Shares of First Data soared after Fiserve agreed to buy the payment processor for $22 billion.

European markets closed mostly higher.

But London's FTSE fell in the aftermath of the Brexit deal defeat in Parliament.

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