NEW YORK, NY -- (Marketwire) -- 07/16/12 -- Strong earnings from JPMorgan and Wells Fargo saw bank stocks rally sharply last Friday. The financial sector was the strongest performing of the 10 sectors in the S&P 500 Index. The SPDR KBW Bank ETF (KBE) rose 2.69 percent Friday, and is up over 11 percent for the year. The Paragon Report examines investing opportunities in the Banking Industry and provides equity research on Bank of America Corp. (NYSE: BAC) and Citigroup Inc. (NYSE: C).
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Wells Fargo reported that second-quarter profits surged 17 percent from the year-ago quarter as a result of their strong mortgage-banking business. Investors were eager to see whether JPMorgan's massive trading blunder would have a significant impact on the banks earnings. Despite the trading error the bank posted second quarter profits of $5 billion, down just 8.7 percent from a year ago.
"There was a lot of hand wringing over J.P. Morgan's earnings numbers," said DWS Investments' Owen Fitzpatrick, head of U.S. equity strategy. "The fact that we're seeing results that look OK is settling markets down, and people are thinking that maybe this quarter isn't going to be as bad as expected."
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Bank of America Corp. recently announced the Board of Directors declared a regular quarterly cash dividend on Bank of America common stock of $0.01 per share, payable on September 28, 2012 to shareholders of record as of September 7, 2012. The company is scheduled to release second quarter 2012 results on July 18, 2012.
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citigroup will issue its second quarter results via press release at approximately 8 a.m. (EDT) on Monday, July 16, 2012. At 10 a.m. (EDT), results will be reviewed via live webcast and teleconference. Shares of the bank surged over 5 percent last Friday.
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