FANG stocks led US equities higher. Meanwhile across the pond, the Brexit vote failed by a 2:1 margin and while the euro fell in response, markets took it in stride and shouldered on. At the close the Dow was up 155 points on heavy trading volume to close at 24,065.
Wells Fargo reported a 2% increase in revenue and a 12% rise in the bottom line which beat estimates. Echoing comments from Citigroup yesterday, Wells Fargo talked about positive trends in lending, deposits and consumer banking activity.
JP Morgan Chase missed earnings estimates even as revenue was up 15% while net income gained 22%. The company said consumer, corporate and community lending all grew over the past year. CEO Jamie Dimon warned however that internal studies at the bank showed the gubment shutdown could reduce GDP growth significantly.
The big health insurer, UnitedHealth Group, reported better than expected earnings and revenue. The company said that sales were up 12% and net income gained 27%. Forward guidance was also positive. The company said its Optum pharmacy benefits management system topped $100 billion in revenue for the first time and is now growing faster than the insurance segment of the business.
Boy Scout Troop 100 switched this weekend’s winter camp from Mt. Rainier National Park to Lake Wenatchee due to the park being closed. The lunkheads will camp in the snow at a privately owned “resort” on the lake. Planned activities are ice fishing, shivering and the construction of snow houses or “quinsys”.