Disappointing earnings updates from Bank of America and Goldman Sachs weighed on the S&P 500 banking sector even as the broader S&P 500 set an intraday record for the sixth consecutive trading session. Meanwhile, a surge in litigation charges led Goldman Sachs to miss earning expectations for the second quarter in a row. Interest ratesAt Bank of America, shares fell 2 per cent in morning trading after chief financial officer Paul Donofrio said net interest income will decline through the first six months of 2020. The bond trading business performed well across Wall Street, with JPMorgan Chase & Co, Citigroup Inc and Goldman Sachs Group Inc reporting even bigger revenue jumps. Still, Bank of America managed to grow loans 6%, far outpacing increases at Citigroup Inc and JPMorgan Chase & Co. Its deposits grew 5%.

Source: The Irish Times January 15, 2020 16:30 UTC