JPMorgan and Goldman Sachs posted record profits Tuesday even as Iran tensions sent oil surging, with investors shrugged off the chaos as Jamie Dimon warned of risks.
Wells Fargo's second-quarter earnings report was largely strong, leading to confusion over the knee-jerk selling of its shares. Analysts noted that the company's performance was sufficient to remain in their investment portfolios.
Bank of America reported a 27% increase in profit, attributing the growth to a 'healthy economic backdrop' as indicated by CEO Brian Moynihan. Both Bank of America and Wells Fargo highlighted the strength of the U.S. economy as a key driver of their second-quarter results.
Wells Fargo's path back into our good graces is simple: It needs a clean beat across key metrics in Tuesday morning's earnings.