JPMorgan CEO Jamie Dimon said the US economy has "demonstrated notable resiliency" despite inflation and higher oil prices.
Patrick McKeon works on the floor at the New York Stock Exchange in New York, Monday, Jul 6, 2026. (Photo: AP/Seth Wenig)
15 Jul 2026 04:58AM
NEW YORK: Wall Street stocks rose following strong earnings from large US banks and an unexpectedly benign inflation report that weighed on the dollar.JPMorgan Chase led a stream of giant US lenders that reported higher profits behind strength in financial markets and investment banking as executives said consumers were holding up in spite of inflation concerns.JPMorgan Chief Executive Jamie Dimon said the US economy has "demonstrated notable resiliency" so far in 2026, noting that higher oil prices due to the US-Iran war had not significantly damaged activity.Citigroup, Bank of America, Goldman Sachs and Wells Fargo all reported higher profits in the unofficial kickoff to second-quarter earnings season.While shares of these banks finished mixed, the Dow eked out a modest gain while the other two major US indices advanced. The market was led by the tech-dominated Nasdaq, which had led the losses on Monday as oil prices shot higher due to the latest flare up in the Middle East.Oil prices rose again Tuesday (Jul 14), but gains moderated after US President Donald Trump backed down on a threat to heavily tax ships passing through the Strait of Hormuz.Market watchers also greeted US consumer price data that showed a sharper than expected drop in pricing pressure. The consumer price index rose by 3.5 per cent on a year-on-year basis in June, down from a 4.2 per cent increase in May.The figure marked a pullback from a three-year high, as a drop in energy costs more than offset upticks in housing and food.
