JPMorgan Chase & Co. tumbled as much as 5 percent, the most in 17 months, after reporting first- quarter profit that fell short of analysts’ estimates on lower revenue from fixed-income trading and mortgages.
JPMorgan Chase & Co., the biggest U.S. bank, said first-quarter profit fell 19 percent on lower revenue from fixed-income trading and mortgages, themes that may be repeated across Wall Street next week. The shares declined 2.9 percent.
Australia’s dollar rose versus most of its major counterparts before the Federal Reserve begins a two-day meeting tomorrow amid forecasts U.S. policy makers will maintain bond purchases that tend to devalue the greenback.
Stocks rose, with the Dow Jones Industrial Average reaching a third straight record, as U.S. jobless claims dropped. The euro gained as the European Central Bank said the economy may stabilize this year, while Japan’s yen weakened to 95 per dollar for the first time since 2009.