The fourth-quarter 2019 earnings season began earlier this week with some of the country’s major financial institutions impressing with their numbers. The Financial Select Sector SPDR Fund (XLF) added about 12.3% in the fourth quarter. What’s more, the sector ranks third in witnessing growth (58.8%) among the broader S&P 500 sectors in the last five years. In addition, record holiday sales, especially boosted by considerable online shopping, increased the frequency of digital and mobile payments. Therefore, in the fourth quarter of 2019, large financial institutions with vast retail operations flourished. JPMorgan Chase’s fourth-quarter 2019 earnings of $2.57 per share easily beat the Zacks Consensus Estimate of $2.32, thanks to better-than-expected trading performance and an increase in mortgage banking fees.
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Feb 27, 2020