Wall Street was mixed as the big banks topped analyst’s estimates of earnings, but shares still fell after JP Morgan Chief, Jamie Dimon said that the bank was seeing fierce competition and the lending portfolio showed no growth. On a negative note, the University of Michigan survey miss caused the Citigroup Economic Surprise Index for the US to fall to the lowest level since October.
However, growth remains above trend.The revamped tax system has helped $JPMorgansave billions of dollars and the quarterly profits jumped one-third to an all-time high. Even after most of the banks beat Wall Street expectations of quarterly earnings the financials sector stocks are not performing up to the mark. $NYSE: JPM