SOURCE: Paragon Financial Limited
NEW YORK, NY--(Marketwire - Jul 16, 2012) - Strong earnings from JPMorgan and Wells Fargo saw bank stocks rally sharply last Friday. The financial sector was the strongest performing of the 10 sectors in the S&P 500 Index. The SPDR KBW Bank ETF (KBE) rose 2.69 percent Friday, and is up over 11 percent for the year. The Paragon Report examines investing opportunities in the Banking Industry and provides equity research on Morgan Stanley (NYSE: MS) and Goldman Sachs Group, Inc. (NYSE: GS).
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Wells Fargo reported that second-quarter profits surged 17 percent from the year-ago quarter as a result of their strong mortgage-banking business. Investors were eager to see whether JPMorgan's massive trading blunder would have a significant impact on the banks earnings. Despite the trading error the bank posted second quarter profits of $5 billion, down just 8.7 percent from a year ago.
"There was a lot of hand wringing over J.P. Morgan's earnings numbers," said DWS Investments' Owen Fitzpatrick, head of U.S. equity strategy. "The fact that we're seeing results that look OK is settling markets down, and people are thinking that maybe this quarter isn't going to be as bad as expected."
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Morgan Stanley reported net revenues of $6.9 billion for the first quarter ended March 31, 2012 compared with $7.6 billion a year ago. Morgan Stanley is scheduled to report their second quarter 2012 financial results on Thursday, July 19th. The bank's rating was recently downgraded two notches by Moody's Investors Services.
The Goldman Sachs Group is scheduled to report their second quarter 2012 financial results on Tuesday, July 17th in a release that will be issued at approximately 7:30 am (ET). The company reported net revenues of $9.95 billion and net earnings of $2.11 billion for the first quarter ended March 31, 2012. Shares of Goldman Sachs are surged 3.63 percent last Friday.
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