Bank of America posted better-than-expected fourth-quarter earnings on Wednesday, even as it took a big hit from US tax reforms.
Stocks are stuck in a bit of a rut as traders try to work out the implications of the US central bank's policy announcement the night before, despite a raft of better-than-expected readings on the economy.
Stocks are putting in a mixed performance with analysts reacting poorly to the latest quarterly numbers out of Wall Street heavyweights Goldman Sachs and Bank of America.
Bank of America posted stronger-than-expected quarterly figures, boosted by its consumer and global banking units.
Weaker than expected readings on consumer confidence weighed on Wall Street early in the session even as investors eyed a speech by Federal Reserve chair Janet Yellen later in the day.
Another Wall Street giant revealed a strong performance on Tuesday after Bank of America reported better-than-expected earnings for the first quarter of 2017.
Lloyd's Bank said it was buying credit card business MBNA from Bank of America for £1.9bn.
Bank of America shares gained in pre-market trade as its third-quarter earnings surpassed analysts' forecasts.
Bank of America may cut up to 8,000 jobs at its consumer division as the digital banking revolution reduces the need for back office staff and bank tellers.
When capital and labour clash, the former is likely to come out on top, something which some UK oil explorers should note, the Financial Times's Lex column said.
The chairman and chief executive of one of New York's largest banks spent an entire year's worth of pay buying back shares of his own company on Thursday.
1630:Close The Footsie finished higher, led by Glencore and shares of homebuilders. The latter got a boost from dovish remarks from Carney. His words sent the pound promptly lower and lit a fire under the shares of housebuilders. After the close of trading RBS pushed back its forecast for the date of the first interest rate hike from August 2016 to February 2017. In parallel, Barclays would trim its own projections for CPI in 2016 and 2017. Unfortunately, the IMF also marked down its projections for global GDP growth this year (although estimates for the UK were left unchanged). Stock in the commodity trader was quite volatile on Tuesday, with trading in its shares having been halted at one point in the session. To take note of, cable finished below its May 2010 lows.
Bank of America looked set to rally at the open after posting better-than-expected earnings for the three months to the end of December, as expenses declined.
US stocks futures pointed to a second consecutive day of gains on Thursday, on the back of an upbeat session in Asia.
The company formerly known as Reed Elsevier, Relx is one of the most reliable stocks on the market, The Times' Tempus said, although undeniably expensive.
US stocks fluctuated on Wednesday as investors digested comments from Federal Reserve chairwoman Janet Yellen and a raft of economic data.
Bank of America reported a sharp jump in second quarter profits despite only a moderate pick-up in income.
US equities struggled for direction on Wednesday, as investors digested comments from Federal Reserve chairwoman Janet Yellen and a raft of economic data.
1355: An increase in short-term interest rates is likely at some point this year, the chair of the Federal Reserve bank Janet Yellen was set to tell congressmen on Wednesday afternoon, according to prepared remarks released before her testimony.
US stock futures edged higher on Wednesday ahead of a closely watched testimony from Federal Reserve Chairwoman Janet Yellen that could provide further clues on the timing of the first rate hike.