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US banking business results top Wall Street

New York, Oct 15 (EFE) .- Wall Street saw a second week of earnings, marked by the good business results of some of the most important financial companies in the United States, which managed to counteract the doubts that raise so much the scarce job creation in the country as the problem with supply chains.

In the whole of the week, which started lukewarm but ended strongly, the main indicators of the US market posted solid gains: the Dow Jones Industrials of 1.58%; the selective S&P 500 of 1.82% and the Nasdaq index of 2.18%.

The European stock markets also accumulated gains since Monday: Madrid has risen 0.47%, Milan, 1.68%, London, 1.95%, Paris, 2.55%, Frankfurt, 2.51% and the Euro Stoxx 50 index, 2.69%.

Wall Street started the week fearful, still dragging down the poor job creation figures that had been published on Friday of the previous week, which revealed only 194,000 new jobs in September compared to the 500,000 expected.

It also affected the US supply crisis, evidenced by the unprecedented traffic jam in the ports of Los Angeles and Long Beach, where 40% of containers enter the country, and where long queues have formed. of ships that are forced to wait about two weeks to unload their products.

It was not until Thursday that the New York stock market turned green, driven by the corporate results presented by JP Morgan, Bank of America, Morgan Stanley and Citigroup, all of them exceeding analysts’ expectations.

“Banks have painted a strong and healthy picture of the US consumer,” Oanda market analyst Edward Moya said in a note.

JP Morgan announced Wednesday that it had made nearly $ 38 billion of cumulative profit since the start of 2021, 123% more than in the same period of 2020, while Bank of America revealed Thursday that it had accumulated a profit of 24,965 through September. million dollars, double what it earned in the same tranche last year.

Goldman Sachs supported the week, with profits in the first 9 months of 2021 that were 252% higher than in that period of the previous year.

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