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News Highlights : Top Financial Services News of the Day

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10/12/2018 | 11:16am EDT
Wells Fargo Books 32% Profit Boost 

The lending giant reported that cost cuts helped net income rise to $6 billion, as executives battled regulatory issues and a slowdown in some parts of the mortgage industry.

JPMorgan Profits Rise 24% Despite Trading Dip 

Banking giant JPMorgan reported that net income rose 24%, and revenue rose as well, with consumer businesses helping overcome a slight decline in trading results.

Citigroup's Profit Rises, Helped by Cost Cuts 

Citigroup said its third-quarter profit rose 12% from a year ago, as the company cut expenses and reduced its tax bill amid flat revenue growth.

PNC Profit Up 25% on Higher Revenue 

Profit climbed at PNC Financial in the third quarter as the regional bank reported stronger revenue and lower credit costs from a year ago.

Behind Market Turmoil, Potentially Good News 

Interest rates are far below historical definitions of normal. Optimistic analysts believe the economy could have years left to run, and that the stock market selloff will prove to be a temporary bout of indigestion.

Corporate Loans Help Investors Fight the Fed 

Corporate loans have outperformed almost every asset class this month as climbing interest rates hit stock and bond prices, defying analysts' warnings about rising risk in funds that buy below-investment-grade loans.

Companies Betting on Pot May Be Worse Off When the Smoke Clears 

Beer and liquor companies are investing in marijuana in case customers imbibe less as legalization spreads, but their cannabis push might be a lose-lose proposition.

Tech's Red October Should Flash a Yellow Light 

Tech investors should use caution-the high-flying sector may finally have met a bear that has some bite.

Gold Glitters as Stocks Fade 

After climbing amid the global stock selloff, gold prices now stand at their highest level in two months, and some analysts believe they are bound to strengthen further.

Fed Officials See Strong Economy Justifying Interest Rate Rises 

Though the central bank has boosted rates-drawing criticism from President Trump-it sees falling unemployment, economic growth and the return of normal inflation as other factors behind the rise.

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