Shares of banks and other financial institutions rose after mixed earnings.

Credit-card lender American Express surged even after it warned that net write-offs increased in the latest quarter relative to a year before. Growth forecasts topped Wall Street expectations.

Credit-card processor Visa said profit climbed in its fiscal first quarter, citing resilient consumer spending.

US Bancorp shares ticked down after analysts at brokerage Piper Sandler cut their ratings on the regional bank, citing valuation after a strong three months.

Columbia Banking System, owner of Umqua banking chain in the Pacific Northwest, recouped some of its losses from earlier in the week. Analysts said Federal Deposit Insurance Corp. tolls weighed on regional bank earnings. "You heard them when (they) gave the earnings, 'if we didn't have to pay that, we would be making money' ... there's an asterisk next to the earnings," said Quincy Krosby, chief global strategist at brokerage LPL Financial.

Texas officials have banned Barclays from participating in the state's municipal bond market because of concerns about its environmental, social and governance policies.


Write to Rob Curran at rob.curran@dowjones.com

(END) Dow Jones Newswires

01-26-24 1803ET